Wednesday, June 25, 2008 

(315)  798-5800

Picente, Timpano Announce Actions to Bolster Oneida County ’s Fiscal Strength

County Seeks to Increase Reserves For Fiscal Stability,
Economic Development

Oneida County Executive Anthony J. Picente, Jr., joined by Oneida County Comptroller Joseph Timpano, today announced that he is asking the Oneida County Board of Legislators to bolster the county’s fiscal position and increase its ability to take a stronger leadership position in economic development opportunities by allocating fund balance surplus from the 2007 fiscal year into several key accounts.

In a letter to the Board, Picente said he and Timpano are asking for $2 million currently in the general fund balance to be allocated to a restricted account to provide fiscal stability, which will increase that account’s balance from $8 million to $10 million.

“Because we have been fiscally strong; because we have been fiscally responsible, we are able to increase our financial strength by taking revenue from 2007 and locking it away to provide the necessary fiscal stability that County Government needs,” Picente said.

Timpano, who noted that the county’s bond rating was increased this spring, said increasing the reserve for fiscal stability will help the county further its fiscal position. “This shows that in a time of a lot of uncertainty and instability, we are fiscally rock solid and that we are planning for the future by putting money aside and not spending it,” Timpano said.

Picente said that in addition to setting aside an additional $500,000 in a reserve account to cover the impacts of revised accounting rules being mandated upon all counties, he is seeking to increase two important accounts;

·        An additional $250,000 in a reserve for pay-as-you-go capital projects, doubling the size of that fund.

·      An additional $450,000 in a reserve for economic development projects, increasing that reserve to $1 million.

  “Both of these actions are in line with my philosophy that Oneida County has to be strong enough to take the lead role in acting to secure a stronger future through building stronger communities and a stronger economy,” Picente said. “Maintaining infrastructure and supporting communities through capital projects is an important part of our mission as County Government . Having a fund that can help us address capital projects without going to the bond market when there is an unexpected need or opportunity gives us the flexibility to act when we need to act.”

Picente said the funding for economic development is an important part of his plans to grow a stronger regional economy. “In order for Oneida County to be able to compete in the world of economic development, we have to have the resources that enable us to take advantage of opportunities without expecting someone else to act on our behalf. If we want to lead, we need to be strong enough to do that. I created this fund to act as a reserve that will allow us to act when the right opportunity is there, not watch that opportunity pass Oneida County by.”