CHEEKTOWAGA, N.Y. - County Comptroller Candidate Mark Poloncarz today remarked on Erie County Executive Joel Giambra's refinancing of the County's tobacco proceeds, pointing out several areas of concern for Erie County taxpayers.

Outside of old County Hall, Poloncarz stated, "I am pleased that the County Executive finally took action to address the 2005 deficit. However, the tobacco refinancing is likely the last time the County can engage in such a one-time financial measure. We must take steps immediately to address the projected $130 million deficit in 2006, and to reduce spending and borrowing in 2005."

Joined by several young children, Poloncarz noted that the refinancing will provide the County with $58 million in new funds, but will cost the County and future generations millions over the next few decades and will lead to the shifting of capital project funding to bonded indebtedness. "While the tobacco refinancing will help close the 2005 deficit, the loss of such funds will severely burden our children and grandchildren with future debt. That should give us all pause for grave concern."

Taking issue with the County Executive's comment that the County's fiscal crisis is over, Poloncarz said: "The County Executive says the crisis is over, when it clearly is not. The County faces staggering deficits in 2006 and future years - deficits that cannot be reduced when the County is spending and borrowing with no coordinated, revised plan for capital projects or debt management."

Poloncarz pointed out that the tobacco refinancing would eliminate the County's funding for the Erie Canal Harbor/waterfront and Bass Pro projects as well as the 2006 debt service and that other funding would be needed to fund these projects. He observed that the loss of tobacco funds for the remainder of 2005 and future years also means that the County will be forced to borrow money to pay for all future capital projects such as roads, bridges, buildings, and technology.

As part of his ten point Action Agenda, Poloncarz will confirm all present and future revenue estimates presented by the County Executive. If the County Executive's budget office provides inaccurate, incomplete or phony revenue projections, he will immediately report this to the Legislature, and if necessary, the public and Erie County's Financial Stability Advisory Board. In addition, he will analyze and report in a timely fashion on all out-year projections as reported by the County Executive. If the County Executive's budget office refuses to produce such projections, as unfortunately has been recent practice, he will prepare and report his calculations directly to the public.

Mark Poloncarz is a business and finance attorney in the private sector with a vision of new leadership for Erie County. He is endorsed by the Democratic, Independence, Working Families and Save Jobs Parties. For a current list of endorsements or more information about his campaign, please visit www.markpoloncarz.com.