CANTON The St. Lawrence County Board of Legislators agreed Monday to borrow $10 million for the coming year to meet cash flow shortages.
The county repaid this years debt of $12 million in August, but has found the need for the last three years to borrow so it has money to pay its bills. The county first borrowed $8.5 million in 2012.
County Treasurer Kevin M. Felt said the state is doing better at paying its bills on time, which helps the county meet its obligations. The state is behind about two months and owes the county a little under $6 million.
Mr. Felt said he settled on the $10 million borrowing request with the hope that he can pay the countys portion of its pension bill to the state early and save about $60,000.
I might have been able to go a little lower but I wanted a little cushion, he said.
Although the additional borrowing might cost the county about $10,000 more in interest payments, the savings on the pension bill if paid early will be worth the cost, Mr. Felt said.