It took a last-minute meeting with Erie County Executive Mark Poloncarz, his budget office and legislators on both sides of the aisle on Wednesday and Thursday, but after a week of political tension, both sides agreed on a $40.9 million borrowing deal to pay for everything from convention center and community college upgrades to roadwork, library and park improvements.
Deputy Budget Director Mark Cornell said the Finance Department is a couple of weeks away from finalizing a surplus figure, but he expects it to fall within the $30 million to $35 million range, with $33 million being the rough estimate at the moment.
A key part of the deal was Poloncarz’s willingness to reduce the county’s original borrowing package by $15.2 million and pay for more projects in cash, using surplus money from last year’s budget.
In addition, Republican legislators said they reached an understanding that if the county’s year-end surplus exceeds its projections by more than $2.5 million, all excess funds will roll over into the county’s savings accounts, legislators said. The surplus is currently projected to be $33.9 million.
Republican legislators said they expect the change to save $7 million in borrowing expenses. Deputy Budget Director Mark Cornell said that…
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