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Picente,
Timpano Announce Savings
Due to Refinancing of Bonds
$160,000
Saved in 2008 Due To County’s Strong Fiscal Position
Oneida
County Executive Anthony J. Picente, Jr. and Oneida County Comptroller
Joseph J. Timpano today announced that
Oneida
County
has saved $330,000 by refinancing $10.8 million in bonds.
“
County
Government
has worked hard to strengthen our fiscal position and provide strong budgets
that enhance our overall finances,” said Picente, who noted that recent
credit rating reviews by rating agencies resulted in an increased rating for
the county. “Savings such as this that reduce costs to the taxpayers are
the result of our action to improve our fiscal standing.”
Timpano
said that
Oneida
County
refinanced two bonds – one from 1998 and one from 1999 – that will be
paid off in 2014. By refinancing to take advantage of lower interests rates
and a lower yield, the county will save $330,000 – with $160,000 of that
coming in 2008 alone.
“Strong
fiscal controls and strong fiscal management have put us in a position where
we can refinance and save money,” said Timpano, who noted that in 2007,
Oneida
County
finished the year with a $70,000 operating surplus and did not need to tap
into its fund balance. “Every dollar we save through sound fiscal
practices is a dollar that we don’t have to ask the taxpayers to
contribute.”
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