Is the Borough running out of money?
The answer is both yes and no. The Borough’s bank account is not approaching zero. Borough Council has adopted a policy of keeping a reserve of 12% of annual expenses for the General Fund. That reserve is in place to provide for fluctuations in cash flow and to provide an emergency fund if the Borough experiences some unexpected emergency. For several years, the Borough has been able to maintain a reserve that was greater than the 12%. During the last three years, the Borough has used some of that excess reserve to balance the budget. The Manager’s budget proposal for 2016 is balanced with current expenses being paid with current revenues. Just like at home, you can only go for a short period of time where you’re spending more money than you’re taking in. If the Borough performs at budgeted levels for 2015, its reserve will reach the 12% minimum.

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1. What is a mill?
2. Why can’t the Borough borrow money from the Parking Fund for the General Fund?
3. Why is the budgetary problem with revenue and not expenditures?
4. Is the Borough running out of money?
5. What is the difference between what Penn State University would pay in real estate taxes versus what is received in impact fees?
6. How often does the Borough replace computer equipment and vehicles?
7. Why don’t the local municipalities consolidate?
8. Does the County or School District provide any financial contributions to the Centre Region Council of Governments (COG)?
9. Has there been any movement of Penn State University to the south of College Avenue and do these properties pay Real Estate Taxes?
10. Is there a forecast for Earned Income and Net Profits Tax related to new development within the Borough?
11. When was the Business Privilege Tax (BPT) eliminated?
12. How can the Borough tax rainwater?