Suffolk County Secures $390M Short-Term Loan To Fund Operations: Comptroller

SUFFOLK COUNTY, NY — Suffolk County secured $390 million in short-term financing on Dec.11 to help fund county operations while it awaits incoming property tax revenue, according to Suffolk County Comptroller John M. Kennedy Jr.

The funds were raised through the sale of Tax Anticipation Notes, commonly known as TANs, which allow municipalities to borrow money temporarily and repay it once tax revenues are collected later in the fiscal year.

County officials said the financing helps ensure essential services — including public safety, infrastructure, and daily government operations — continue without interruption.

“These notes provide short-term funding ahead of the receipt of property tax revenue,” Kennedy said, noting that the sale drew strong interest from investors in the municipal bond market.

According to the comptroller’s office, J.P. Morgan Securities LLC submitted the winning bid, resulting in a net interest cost of 2.53 percent. The notes are tax-exempt and will be repaid in July 2026.

Kennedy said investor demand reflected confidence in Suffolk County’s financial stability and management practices.

“Today’s TAN sale demonstrates the strength of Suffolk County’s position in the municipal marketplace,” he said. “Investor demand allowed us to secure favorable terms for taxpayers while responsibly managing our short-term financing needs.”

County officials emphasized that the notes do not represent long-term debt and do not raise taxes. Instead, they serve as a cash-flow tool to bridge the gap between expenses and incoming tax payments.