2012 Budget - 2

I'm sure that you have been waiting for the other shoe to fall, so here is the story from the Somerset Daily American:

http://www.dailyamerican.com/da-ot-indian-lake-proposes-21-percent-tax-increase-20111117,0,2044172.story

This story was also picked up by Johnstown TV, Channel 6. I did not know they knew we existed.

Please note that this is a preliminary budget. It will be advertised, available for public review at the Borough Office Building, and not voted upon until December 14th Council Meeting.

A few things that I would add to the reporting of this story, which I think is critical information to understanding the current situation;
-Your dam is stable, the remaining work, called Phase III, is to contain or pass the Maximum Possible Flood, a condition that might happen once in a lifetime, or longer, if ever. These requirements were changed and the two possible solutions are to contain the MPF by raising the height of the dam, or enlarged spillway capacity. Raising the height of the dam is by far the less costly option, however it requires signing of Flowage Easements by every water front property owner, Park Lots included. Your Council is fully committed to the first option and the budget is based upon that happening.
-In 2012 we will be moving from short term financing of the dam remediation to permanent long term financing. We have been living off a line of credit which requires us to pay interest only, in 2012 we will put in place a financing plan to pay off the borrowed money. Barring the unforeseen this should be the last tax increase due to this project.