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The Erie County Fiscal Stability Authority hired The PFM Group to provide financial suggestions to the County Executive and Legislature. Their completed report was delivered to the Legislature in mid-October 2005. Here's what's referred to as the "Initiative Matrix"; we'll also be linking each initiative to it's relative budget line in the near future.
Initiatives 1-13 Initiatives 14-25 Initiatives 26-37 Initiatives 38-42 Initiatives 43-50
Initiatives 51-57 Initiatives 58-68 Initiatives 69-75 Initiatives 76-86 Initiatives 87-89
Initiatives 90-93 Initiatives 94-98 Initiatives 99-105 Initiatives 106-110 Initiatives 111-115
Initiatives 116-123 Initiatives 124-130 Initiatives 131-134 Initiatives 135-141 Initiatives 142-147
Initiatives 148-152 Initiatives 155-159 Initiatives 160-162 Initiatives 164-167 Summary
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* Approval Authority :
C= County Mangement/Legislature;
U= Union or Arbitrator
S= State
F=Federal
OLC= Other Local Government
** State Statute sets forth that $118.4 million is the fiscal gap for FY2005, which is to be closed by recurring revenues or savings meeting or exceeding 10 to 15 percent of $118.4 million
Note: In FY2006, Savings & Cost Recovery Initiatives requiring Union, State, or Other Government Approval are not counted toward gap closure. Only initiatives within management's control are to be included in the FY2006 Budget.
FY2005 FY2006 FY2007 FY2008 FY2009 Accumulated
Fiscal Gap $105,691,000 $140,020,000 $153,880,000 $168,934,000 $183,819,000 $752,344,000
COUNTY EFFICIENCY INITIATIVES $0 $18,802,000 $53,742,000 $81,411,000 $108092,000 $262,047,000
Savings & Cost recovery Initiatives: County Control $0 $14,047,000 $28,514,000 $41,199,000 $53,434,000 $137,194,000
Savings & Cost Recover Initiatives: Union, State, Other Government Approval Required $0 $8,588,000 $29,540,000 $44,901,000 $59,555,000 $142,584,000
Less: Add Backs in Staff & Non-Staff Costs to Improve Revenues, Controls $0 $3,833,000 $4,312,000 $4,689,000 $4,897,000 $17,731,000
ECMCC SUBSIDY REDUCTION $0 $13,500,000 $13,500,000 $13,500,000 $11,500,000 $52,000,000
SUB-TOTAL: FISCAL GAP CLOSURE BY COUNTY EFFICIENCY INITIATIVES + ECMCC SUBSIDY REDUCTION $0 $23,714,000 $67,242,000 $94,911,000 $119,592,000 $305,459,000
0.25% SALES TAX INCREASE ALREADY IN PLACE $15,400,000 $94,824,770 $91,764,317 $66,371,523 $68,007,593 $336,368,203
25% PROPERY TAX INCREASE IN FY2006 & 24% PROPERTY TAX INCREASE IN FY2007 $0 $24,919,000 $25,322,000 $25,515,000 $25,874,000 $101,630,000
SUB-TOTAL: FISCAL GAP CLOSURE BY TAX INCREASE $15,400,000 $119,743,770 $117,086,317 $91,886,523 $93,881,593 $437,998,203
TOTAL: RECURRING REVENUE & SAVINGS $15,400,000 $143,457,770 $184,326,317 $186,797,523 $21,3473,593 $743,457,203
TOBACCO PROCEEDS. DEBT REFUNDING $90,000,000 $0 $0 $0 $0 $90,000,000
DEBT SERVICE ON NEW MONEY FOR CAPITAL BORROWING $1,210,000 $3,290,000 $3,290,000 $3,295,000 $11,085,000
REMAINING GAP TO BE CLOSED (NEGATIVE $= CONTRIBUTION TO COUNTY FUND BALANCE) $2,227,770 $27,158,317 $14,573,523 $26,359,593 X
Minimum Recurring Gap Closing Required by Statute, in Dollars ** $10,569,100 $49,007,000 $69,246,000 $101,360,400 $147,055,200 $377,237,700
Minimum Recurring Gap Closing Required by Statute, in Percentages 10%-15% 35%-40% 45%-50% 60%-65% 80%-85% x