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Outgoing Northampton County executive says county leaves office with strong finances, borrowing capacity
Summary
County Executive Lamont McClure told the council the county will have $37—$40 million in cash when books close, about $625.9 million under management for pension and OPEB, and roughly $1.2 billion in borrowing capacity; he framed employee compensation and benefits during his report.
Lamont McClure, the outgoing Northampton County executive, used his final report to summarize the county's fiscal position and to defend the administration's record on employee pay and benefits.
"When the books close in February, we will have 37 to $40,000,000 in cash," McClure said, and added the county will exit the administration with about $1,200,000,000 of borrowing capacity. McClure also reported a pension fund balance of $566,642,484 and an OPEB fund of $59,249,712, which he said total roughly $625,892,196 under management.
McClure disputed suggestions that financial gains came at employees' expense. "For 8 years, our employees' health care costs to them have not risen," he said, and he detailed compounded wage increases across bargaining units during his tenure. The county's long-term indebtedness has fallen from higher levels two decades ago; McClure said it had been $128,743,766 20 years ago and was $84,381,512 after recent borrowing to repair a parking garage.
Why it matters: McClure's numbers frame the fiscal starting point for the incoming administration and for council's oversight of upcoming budgets and capital decisions. Council members thanked McClure for his service and said they will continue to work with the new administration.
Next steps: Council members did not take action on the figures during the meeting; the incoming administration and the new council will inherit the fiscal position McClure described.
