Broome County is making progress paying down its debt.
Thursday afternoon, Chairman of the County Legislature, Jerry Marinich, and County Executive, Debbie Preston, announced that the county has been able to pay off about 30 percent of its Capital Improvement Program debt. A review of past projects started last year. It found $2.4 million in unspent funds that can be used to pay lenders. That reduction will mean the county will save about $330,000, over the next five years, by refinancing.
Jerry Marinich says, "Today's announcement is another step in the right path to ensure that Broome County is planning for the long-term financial future."
Often times with capital improvements, the county has to pay for projects up front and then gets reimbursed at a later date with state and federal funds. The county has also put new procedures in place to make sure that all capital projects are reviewed quarterly instead of just once a year.