Shrinking debt in Broome County

By Jillian Marshall

March 14, 2013 Updated Mar 14, 2013 at 11:40 PM EST

Binghamton, NY (WBNG Binghamton) Broome County will lower its debt after uncovering millions.

Through the county's Capital Improvement Program, or CIP, officials said Thursday they found more than $2 million in unused money.

Broome Legislature Chairman Jerry Marinich says the CIP is used to review all open projects and programs within the county, with the intent to find unused funds.

County Executive Debbie Preston and Marinich believe the county will cut down a portion of their debt -- tied specifically to the CIP -- from $8 million to a little more than $5.5 million. They say this will save the county more than $300,000 during the next five years, by refinancing and lowering interest rates.

"In the years to come, we will continue to clean up CIP borrowing, and deliver savings to Broome County residents," Preston said.

Broome County's legislative finance committee approved unanimously a measure to refinance outstanding bonds.