Comptroller Issues Cash Flow Warning BUFFALO (wned) - Erie County may run out of cash by the end of the month according to Comptroller Mark Poloncarz.

The comptroller says his request for a $75-million Revenue Anticipation Note, or short-term loan, was denied because the Control Board wants to do the borrowing.

Poloncarz says it can take up to 45-days to close such a transaction, and that was before the turmoil on Wall Street.

"This is an entity that has never sold a note or a bond before," Poloncarz said.

Erie County Executive Chris Collins also wants the Control Board to do the short-term borrowing because he says it will save money.

Collins says if the County Legislature approves his plan at its meeting on Thursday, "the cash will be in hand" by September 29th.

"There is no crisis," Collins said.

Poloncarz says it's his duty to warn of a possible financial crisis. He says if Erie County runs out of cash, it will not make its payroll, sales tax payments to local governments or its debt service payment. © Copyright 2009, wned