LITTLE VALLEY – In a time when economic conditions are bleak, not many governmental agencies can say they are doing well. But Cattaraugus County’s finances are in pretty good shape, the County Legislature was told Wednesday.
In his report detailing the end-of-year financial condition, County Treasurer Joseph G. Keller alluded to a good financial condition.
At the end of the year, the county held a general fund balance of $31.29 million, up from $27.84 million at the end of 2011. A few factors played into the increase, Keller said.
The county came out ahead by $2.1 million in its self-insured health benefits revenues, he said. “In addition, sales tax revenues exceeded budget by $419,000, and interest revenues exceeded budgeted amounts by $66,000.”
The result of the good fortune has left the county with a 15 percent surplus in its general fund balance, Keller said. The number is the recommended threshold for the undesignated fund balance.
Keller said the county has paid its debt down over the course of a few years and has placed itself in a good position, as far as bonding potential.
“There is a formula to break down the amount we could borrow if we needed to,” he said.
According to that number, the county has room to borrow $8 million or is at 15.87 percent of the potential bonding room in the budget.
“Under the current model, if we were to not go out to bond for the next six years or so, we would be completely debt free,” Keller told the members of the County Legislature.
Six years ago, the county was at 26.27 percent of its budget threshold.
The Legislature’s next meeting will be at 3 p.m. March 27 in the Legislative Chambers in the County Building in Little Valley.