How is the Borough positioning itself for the possible passage of Proposition 2-1/2?
Currently, the Borough has serious financial difficulties. We have $2,000,000 Tax Anticipation Note due to shortage of Cash in the Current Fund, debt is almost to the maximum of the statutory allowed limit, and several inter-funds that could not be eliminated due to shortage of cash in various funds. The introduced 2010 budget that authorizes tax increase up to 4% of prior year municipal levy placed us almost $700,000 above maximum authorized. Lowering maximum increase to 2.5% without adjusting labor contracts, services provided by the Borough or finding alternative sources of recurring revenue will be detrimental to the Borough.
