Gov. Andrew M. Cuomo on Friday approved a request from Long Beach to pass a bond bill that allows the city to borrow as much as $12 million to help pay off a deficit and debts from superstorm Sandy.
The New York State Senate and Assembly approved the bill earlier this month.
An outside audit determined the city’s fiscal 2012 operating deficit, which grew under a previous administration, was $9.2 million. The city has sinced balanced its budget.
Long Beach officials have said they hope the borrowing will allow the city to scale back or eliminate a yearly property tax surcharge of about $183 per household. A home rule message approved by Long Beach in August stated that the bonds must be paid back over 10 years.
The passage of the bill allows Long Beach to fix a mistake that killed a similar bill in June. State legislators passed the bill then, but the city was required to issue the bonds by June 30, and missed the deadline because of the short time frame, officials said.