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Legislative Committee To Consider Revenue Anticipation Notes

Budget & Finance agenda includes road resurfacing, jail renovation, grant and forfeiture funds

 

The Rockland County Legislature’s Budget & Finance Committee meets tonight and will vote on a resolution to authorize issuance of $30 million in Revenue Anticipation Notes (RAN). The measure would authorize Acting Finance Commissioner Stephen DeGroat to issue the RANs in expectation of receiving county sales and compensating tax revenues mortgage recording revenues and revenues from the state and federal governments.  RANs are one of the methods the county is using to deal with its budget deficit.

The resolution reads: “The County Legislature has ascertained and hereby states that (a) not less than $30,000,000 of such revenues remain uncollected as of the date hereof for the fiscal year of the County beginning January 1, 2012 (b) $80,000,000 revenue anticipation notes have previously been issued in anticipation of the collection of such revenues”

If the measure is approved, then it will go before the full legislature for a vote in September.

The Budget & Finance Committee members will vote on accepting a bid not to exceed $318,000 to renovate inmate showers at the county jail. The resolution also needs the approval of the Planning & Public Works Committee to move forward. Harley Construction Management Corporation of Northvale, NJ submitted the chosen bid.  Forfeiture funds will pay for the project.

Committee members will act on a bid of $2.2 million from Tilcon NY of West Nyack to resurface county roads. The funds exist in several county Highway Department accounts and a portion of the cost will be reimbursed by the New York State Department of Transportation. 

Another agenda item is voting on accepting a $50,000 grant from the New York State Division of Homeland Security & Emergency Services for the Sheriff’s Explosive Detection Team. The grant covers a canine, canine equipment and a response vehicle for the time period from July 6, 2012 through August 31, 2014.

There will be a vote on an inter-municipal agreement with the Village of Piermont Police Department.  It would allow use of $62,699 in forfeiture funds to reimburse the department for equipment purchased between May 1 and the end of this year.     

The committee will also vote on accepting $3,450 from Entergy’s consultant for reimbursement of county costs to train school bus drivers for emergency evacuations. The funds come from Contingency Management Consulting Group, LLC to cover the costs for this year’s training.  

Some of these agenda items will be voted on by other legislative committees meeting prior to Budget & Finance. Their votes will determine if the resolutions do reach Budget & Finance for consideration. The meeting begins at 7:15 p.m. in the county legislative chambers.  

jrod August 29, 2012 at 02:34 AM
Oh for the love of God. The "revenue anticipation note" - Translation: unreal money that will be put into the county budget yet again. Vanderhoef did this last year - and look where we are. The Legislators criticized Vanderhoef for doing it in the past. If they vote for it again now - what does that tell you? C'mon people - stand up and tell them NO !! It has to stop. Next time you need to pay a bill - or your increased taxes - try paying it with a "revenue anticipation fund" of your own. Vanderhoef needs to cut costs effectively - and he should start with his own office. Guess what? The state doesn't pay the county - they still owe us. Sales tax revenue has been overprojected for years - and right now - the economy doesn't lend itself to increases in sales - OR to people buying homes here (to generate the new mortgage tax).This is far from a "solution".
William Demarest August 29, 2012 at 09:44 AM
While the county continues to find itself in a deep financial hole, "revenue anticipation notes" are a form or short-term borrowing that are commonly used by governments in Rockland County and elsewhere to provide cash for operations until tax collections are received.

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