2011 Budget

Indian Lake Borough Council adopted the 2011 Budget, Wednesday evening November 10th, at their normal Council Meeting. The $1,275,954.00 budget includes a 3 mil tax increase, from 13 to 16 mils, and the first budgeted principle payment of the money borrowed for the Dam Remediation Project.
We are currently financing this project with a $6,500,000.00 line of credit from Somerset Trust Company. We need only pay interest on the amount of money borrowed from this line of credit. We will have to convert this short term financing into long term finance, most likely a 30 year bond issue. However, at present, the bond market is down and selling of these bonds at this time is not prudent.
The borough passed a referendum allowing the borough to incur debt up to $7,500,000.00. To-date we have spent $5,430,000 on this project, from the line of credit and our general fund. Phase II of the project is nearly complete, Phase III, the final phase of the project, is being discussed with the Pennsylvania Department of Environment Protect, Dam Safety. It is anticipated that the engineering will be completed this year or early next, with a Request for Bid going out in early 2011, and construction complete by the end of 2011.