Carpenter announces substantial interest earnings increase for Suffolk

Suffolk County Treasurer Angie M. Carpenter announced recently that as a result of aggressive negotiations over the past year, with the county's authorized financial institutions, Suffolk County was able to increase interest earnings over 50 percent for 2006, or an additional $11,382,788 over 2005.

"Thanks to the prudent fiscal management policies of Suffolk County's financial team consisting of County Executive Steve Levy, the County Legislature and its Presiding Officer William Lindsay, County Comptroller Joseph Sawicki, and the office of the Treasurer, we have substantially increased our interest earnings.

"In 2005, Suffolk County earned $11,702,924 in interest for taxpayers. In 2006, partially due to an up-tick in interest rates, and the Treasurer's ability to negotiate with banks as an independently elected official, we were able to increase that figure to $23,085,712 in interest revenue for Suffolk County taxpayers.

"As the Chief Investment Officer for Suffolk County, I have a sworn duty as an elected official to make certain that everything we do in the Department of Finance and Taxation, is always done in the best interest of the Suffolk County taxpayer. Thanks to the hard work of the dedicated employees of the Suffolk County Treasurer's office, we are able to continue to contribute positively to the fiscal well being of this great county."

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