The two Erie County leaders who again became the subjects of control board ire this week say they’re OK with letting the control board refinance the government’s existing debt — when they are convinced it makes financial sense.

“If the control board was providing a benefit to the taxpayers, I would salute them,” County Executive Joel A. Giambra said Tuesday. “So far, they have not provided me with facts, figures or a financial analysis. I read about this stuff in the newspapers.”

Similarly, Comptroller Mark C. Poloncarz said in a letter to the Erie County Fiscal Stability Authority that he wants to see more than the slides created by a financial adviser; Poloncarz wants to see computations that prove the control board can save taxpayers $4.1 million over 13 years, as it claims, even after paying underwriters, lawyers and financial advisers.

“Only until we have reviewed the supporting documentation can we perform a detailed analysis and engage in an informed discussion,” Poloncarz wrote.

The control board can borrow money for the government or refinance its debt to free up cash if requested by the county’s elected leaders, including the Legislature, according to a review of state law. The control board wants such a request to come quickly since, members reason, they can borrow more cheaply, given their superior credit rating.

Monday, members of the control board accused Giambra and Poloncarz of dragging their feet.

“We are waiting for two politicians to say, ‘Yes, go ahead and do this,’ ” said board Chairman Anthony J. Baynes, angry that taxpayer money was being sacrificed by inaction. “It’s not up to us. They have to ask us.”

This week, both Erie County officials and the control board accused each other of withholding information and trying to pressure the other to act without it; Giambra and Poloncarz said they won’t acquiesce to a refinancing without seeing data proving the benefit, while Baynes said the control board won’t approve a $40 million deal to sell the county’s tax liens to a private company until members see the contract.

Baynes on Tuesday said that, back in December, he mentioned to Poloncarz the financial benefits of having the control board borrow money on the government’s behalf, to take advantage of the control board’s higher credit rating.

The control board said Monday it wanted Giambra and Poloncarz to get the ball rolling. But with his letter, Poloncarz knocked the matter back into the control board’s court, telling Baynes he expects to see the board’s financial analysis.

mspina@buffnews.com

Copyright 2007 - The Buffalo News