In the wake of these financial times, Erie County needs to work with the markets. Erie County Comptroller Mark Poloncarz is sounding the alarm bell today. The County Control Board, who is responsible for borrowing, needs to secure a 75 million dollar revenue anticipation note by the end of the month. Poloncarz thinks a public sale could take a month, and is concerned the board, who has not borrowed before, won't be able to get it done. He says without the money the county will not be able to pay employee, vendors, and municipalities.
"Some people will criticize me for saying the sky is falling and that I am making a false warning. However, it is my duty to warn that unless a cash flow borrowing is completed by the end of the month we will be in a fiscal crisis," said Poloncarz.
"The county comptroller is running around like chicken little, the sky is falling. It is not falling," said Erie County Executive Chris Collins. Collins believes the board will get the borrowing done. Board members were in New York City today to meet with the rating agencies.
"We are very comfortable it is going to be done," said Vice Chairman Robert Glaser.
While the county focuses on borrowing, many of the residents are focusing on their own finances during these fiscal times. In the wake of the dow's tumble, Certified Financial Planners like Tom Hanlon are getting questions about investments, and 401ks.
"It is important to make sure your portfolio is diversified. It will make you ride out there financial times," said Hanlon.
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