Welcome to Everything Croton, a collection of all things Croton--our history, our homes, our issues, our businesses, our schools, our houses of worship--in short, EVERYTHING CROTON.
CUOMO TO LOCAL GOVERNMENTS: NO LONG TERM BORROWING
Cash-strapped local governments would be "reckless" to borrow in the long term without a financial control board in place, Governor Andrew Cuomo on Thursday warned.
State and local governments are facing an unprecedented financial crisis due to the economic recession due to the COVID-19 pandemic. So far, efforts to secure federal aid to recoup lost tax revenue this year have stalled.
That has led some local governments, chief among them New York City, to consider borrowing plans. New York City officials, including Mayor Bill de Blasio, have called on state lawmakers to give them the authority to do so.
But Cuomo has given the idea a chilly reception given the costs that could be incurred down the road.
"What do you think is going to change in a year or two?" Cuomo said. "You're going to have the same fixed costs. And then you're going to have debt service." MORE AT https://spectrumlocalnews.com/nys/central-ny/ny-state-of-politics/2020/09/24/cuomo-to-local-governments--no-long-term-borrowing-
No comments:
Post a Comment