http://www.erie.gov/comptroller/press/pr050306.asp

05/03/06
POLONCARZ ISSUES FINANCIAL REPORT

Comptroller Provides Executive, Legislature and Control Board with First Quarter Report on County's Finances

Erie County Comptroller Mark C. Poloncarz today released a financial report for the first quarter of 2006 to the Erie County Executive, Legislature and the Erie County Fiscal Stability Authority ("ECFSA").

The financial report, the first of its kind, provides detailed financial statements for the first three months of 2006; an investment report detailing the County's number of investments, average investment, interest rates, and interest earnings to date; a monthly cash flow statement for 2006; a year-to-date property and sales tax summary; County debt schedules, including current long and short-term indebtedness and constitutional debt limit; and miscellaneous financial information including constitutional taxing authority and a history of the County's short-term borrowings since 1995. Please note that this report is not a budget monitoring report, which is the responsibility of the County Executive's Division of Budget, Management and Finance.

Poloncarz said: "I am pleased to transmit to County management and the ECFSA this financial report for the first quarter of 2006. This report provides detailed information to County policymakers concerning the County's financial situation for the first three months of the year." He added: "Quarterly reports are standard in the private sector, and will become the norm in Erie County under my administration."

Poloncarz reported that because of new relationships with new banking institutions, aggressive cash management, and assisted by higher interest rates and more funds being available for investment, the Comptroller's Office brought in $2.8 million in interest earnings for all funds for the first three months of 2006, compared with $1.0 million during the same period in 2005. "This is additional revenue that can be used to support County services and programs that benefit the taxpayers," said Poloncarz.

Poloncarz also commented on the Giambra Administration's budget monitoring report ("BMR") for the period ending March 31, 2006 which was released on May 1, 2006. He said: "The data contained in the March BMR is consistent with the County's SAP system and with my Office's findings." Poloncarz added: "I would like to recognize Budget Director Ken Vetter for his work on the document and for working cooperatively with my Office on financial matters."

Poloncarz noted that the report, which he is making available on the Comptroller's web site at http://www.erie.gov/comptroller/index.asp fulfills one of his campaign pledges to provide timely financial information and reporting to the Legislature and the taxpayers. Poloncarz concluded: "I promised last year to bring transparency to the Office of Comptroller and to report to the Legislature and public concerning the County's financial condition. This report is one of many that will demonstrate my commitment to openness and accountability."

here is the county's financial report for the first quarter of 2006
http://www.erie.gov/comptroller/pdfs...arch312006.pdf