Borough Cash Accounts close to $4 Million
Borough Cash Accounts keep on growing larger and larger. When I joined Council in 2006, we had a $1 Million Short Term Debt. Now we will end this year with $2 Million + in Unrestricted and Capital Reserve Cash, a $3,000,000 swing in Borough Finances to the positive. We don't need all this cash sitting in Borough Coffers. We need to CUT TAXES now:
Borough Cash Accounts as of Aug 31, 2011
Borough Unrestricted Accounts: $2,339,691.92
Borough Restricted Accounts: $671,056.17*
Borough Enterprise Accounts: $576,926.18
Borough Escrow Accounts: $305,188.31
*Includes Capital Reserve of $221,172.20, Recreation Lighting Grant of $13,351.92 and Recreation Capital Reserve of $60,208.04 .
Borough Cash Accounts as of Aug 31, 2011
Borough Unrestricted Accounts: $2,339,691.92
Borough Restricted Accounts: $671,056.17*
Borough Enterprise Accounts: $576,926.18
Borough Escrow Accounts: $305,188.31
*Includes Capital Reserve of $221,172.20, Recreation Lighting Grant of $13,351.92 and Recreation Capital Reserve of $60,208.04 .
posted by Unknown at
11:37 AM
5 Comments:
Out of these numbers, how much does the borough collect in property taxes annually?
Property Taxes are supposed to bring in $1.51 Million in 2011. See the Budget on the Borough website: FranklinParkBorough.us
Why doesn't the council put the extra money into the employee / union pension funds to make up for the losses incurred as a result of the switch in financial investment companies and cut our property or income tax?
It is my understanding that the switch in financial investment companies has resulted in continued losses whereas other investment companies have either broke even on their losses or are ahead of the game. Is this true and if so, why is the council not doing anything about it?
One other thing, I noticed in the borough newsletter that the new borough ordinances have been approved. Which version was approved, the original version or the updated version which is 1.5 times the size of the original?
We lost another $337,000 in the months of July and August in the Pension Plans. I told everyone at the last Council Meeting on Sep 7, 2011 that I cannot bear to see any more losses and I would like to see our Pension Administrator replaced.
New Borough Ordinances are just getting completed. I believe they have to be shown to the public for 30 days before we can vote and approve them. Yes, the new version is about 2 times the original but at least the unnecessary Five Point Overlay and Planned Economic District (to limit development by Soergels) have been eliminated.
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