Financially, the City of Erie and Erie County have made significant gains in viability over the recent past.

Erie’s bond rating has finally exited the junk bond status, which will allow the city to borrow  at a lower rate of interest, thus saving taxpayers’ money.  It is also a sign of the increased financial stability of the City of Erie, one of Mayor Joe Sinnott’s long-term goals.

Erie County yesterday released the 2008 fiscal report, which will be presented to County Council soon.

County Executive Mark DiVecchio, Director of Finance Jim Sparber, and Manager of Finance Sue Ellen Pasquale, gave a brief overview of some of the positive trends concerning the County budget.

Mr DiVecchio has challenged his staff and other employees to undertake the goal of reducing spending, and to search for innovative ways to cut costs, by revising procedures and practices.  The implementation of these measures has resulted in a very positive result for the 2008 budget.

Over the last three years, the Finance Department has maintained a balance in the General Fund of two month’s operating expenses, and has not needed to raise taxes in two out of three years, while raising only 1/4 mill in the third year.

Even though income from taxes was nearly 1 million dollars under what had been budgeted, overall expenses for the fiscal year totaled about 3 million dollars under budget, resulting in an overall savings to the County taxpayers of just under 2 million dollars.  The positive trend is expected to continue in 2009.

Given the significant problems with the national economy, the results are very good news for Erie and Erie County.

If anyone would like to read the entire presentation, which explains the goals and accomplishments of Erie County Government, I would be happy to e-mail it to you.

I also would like to hear your thoughts about these results.