Cuomo signs off on Suffern deficit financing

Governor Andrew Cuomo approved a serial bond plan for the Village of Suffern last week, allowing the financially-stressed town to issue $5 million in bonds to help pay down its sizable deficit.

The bonds will be issued after the village completes its fiscal audits for the years of 2014 and 2015. After their issuance, the village is expected to submit quarterly financial reports to the State Comptroller for review, a measure designed to restructure Village finances and monitor efforts to fix problems caused by years of mismanagement.

Suffern is also likely to issue bond anticipation notes as a short-term plan to cover current shortfalls and keep the village afloat until the deficit bonds can be sold.