Governor signs Rockland County financial bailout bill
NEW CITY – Governor Andrew Cuomo signed the Rockland County Deficit Financing Act which allows the county to borrow $96 million to pay down its cash shortfall over a 10-year period. As a condition of the plan, county budgetary issues will be subject to review by the state comptroller’s office.
County Legislature Chairwoman Harriet Cornell said county officials took action to stabilize finances and presented a strong plan for continued improvement. The economy and other factors took their toll on the county causing the financial mess, she said.
“There was a big loss of a power plant with huge amounts of losses to towns and counties and then there were some problems with overestimation of revenues and things that didn’t happen,” Cornell said.
Retiring County Executive C. Scott Vanderhoef said the legislation is “a critical piece of the plan to return Rockland County to fiscal stability.”
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