Where To Put The Premium?

County officials are debating how to use a 11.7 million dollar premium that they obtained through the sale of bonds when they received a 96 million dollar loan from the state to help reduce the 125.6 million dollar deficit. County Executive Ed Day stated that since the money does not have to be repaid he would like to ask the Legislature to put it towards the deficit as well, which would bring the overall debt to 17.9 million. Legislature Chairman Alden Wolfe and some other members of the board stated that the money should be put aside to one day pay off the expected 6.9 million dollar interest for 2015 and 13.2 million in 2016. According to Rockland County’s Finance Commissioner Stephen DeGroat another 8 million dollar increase is expected in the deficit due to operating costs for the Summit Park Nursing Home and in his opinion better results would be achieved by using the money for its original purpose, to repay part of deficit. Without the premium the deficit would increase to 37.6 million after the 8 million dollars is added instead of 25.9 million. Legislator Ilan Schoenberger stated that he will work with whatever is decided, because he sees the benefits of both sides, but warned residents that they should be prepared for the possibility of cuts or tax hikes.

Snow Closings Updated Regularly

Please click on the image below to view all snow closings for Rockland County.