Broome County Left With No Financial Safety Net
As Broome County Executive Jason Garnar prepares to put together a 2018 county spending plan, he’s finding himself facing a financial mountain to climb.
Garnar has announced the county’s fund balance had dropped to just $250,000 with revenues falling short of expenditure needs.
The Democrat says normally you take from the fund balance to make up for a bad year for revenues. This year was especially bad with Garnar saying $2.5 million had to be rechanneled from the fund balance but that can’t be done again.
In addition to the fund balance being more of a puddle than a pool, the state tax cap keeps the county from raising taxes enough to cover shortfalls. Garnar says what is left is cutting services, programs and staff.