The Rensselaer County Legislature voted at the Tuesday, February 10 regular monthly meeting to support a bond refinancing that is expected to save county taxpayers $1.2 million.
The refinancing of $15.2 million in existing debt takes advantage of lower interest rates and a favorable market. The county was able to utilize the county’s strong bond rating to help leverage the savings.
“This is a significant savings, and demonstrates how the county’s strong financial position and positive bond rating can help generate a savings for taxpayers,” said Vice Chair for Finance Phil Danaher.
Danaher thanked the fiscal and budget staff of County Executive Kathleen Jimino for helping generate the savings through the bond refinancing at the February 10 meeting.
Rensselaer County has been able to stay under the state tax cap each of the past four years while protecting needed county services. The county has earned positive financial reviews and upgrades in the county’s bond rating during the past several years despite significant increases in unfunded state and federal mandates.
The County Legislature has helped by keeping costs for operation of the legislative offices comparable to the early 1990s. The county insurance policy administered by the County Legislature has remained lower than the early 1990s.
“The bond refinancing approved by the County Legislature demonstrates a commitment by Rensselaer County to protect taxpayers and needed services through effective management and reduction of unnecessary expenses,” said Majority Leader Ken Herrington.
“The savings of $1.2 million is significant and will help the county administer needed services at a cost that is affordable to our taxpayers,” said Chair of the Legislature Martin Reid.
The refinancing of existing county bonds was approved at the February 10 legislative meeting by a vote of 16-0.