<div>Hi Bruce,<br></div>
<div>Point of clarification, what your are refering to is item "B" on the final page of the budget document entitled "Town of Riverdale Park Operating and Capital Tax Rate" p. 7. Because the money is a for capital expenditure it is not in the annual operating part of the budget that, I am guessing here, you were looking in. Also, the money was borrowed and we are now in the process of paying it off. There is little money that is sitting in the bank that is actually free of the original liability. </div>
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<div>This was actually part of a larger debt and investment project which included the addition to town hall. If we were to not go forward with any type of community center/bldg. improvement and simply give the money back to the bank it would give us little if any tax relief because we would continue to have to make the payment on the remainder of the loan at the agreed upon payment level. Clearly we would pay the loan off quicker, but still not for a number of years.</div>
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<div>I hope this clarifies things Bruce, and thanks for your interest.</div>
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<div>Vern<br><br></div>
<div class="gmail_quote">On Mon, May 17, 2010 at 2:28 PM, <span dir="ltr"><<a href="mailto:bruce.wernek@mindspring.com">bruce.wernek@mindspring.com</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="PADDING-LEFT: 1ex; MARGIN: 0px 0px 0px 0.8ex; BORDER-LEFT: #ccc 1px solid">Hi Alice<br><br>I talked to Alan Thompson at the Farmer's Market and he said the Town is not including ~$200K it has in the bank in the budget. Recall, this was the money Archer wanted to use for the Riverdale community center. I'm not sure how the accounting is being done, but I've never heard of assets being off the balance sheet. The budget should include all assets and liabilities. How can you ask for a tax increase when the Town has funds in the bank which are not in the budget? Before any tax increases are considered, this balance must be put into the budget. This money belongs to the taxpayers and must be made public so the residents have an understanding of the fiscal state of the Town.<br>
<br>If I've missed something, bear with me. I just could not find the line item for these funds in the budget.<br><br>Bruce<br><br><br>_______________________________________________<br>TownTalk mailing list<br>To post to the list, send mail to <a href="mailto:TownTalk@riverdale-park.org">TownTalk@riverdale-park.org</a><br>
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<br>For more information about Riverdale Park, visit <a href="http://www.riverdaleparkmd.info/" target="_blank">http://www.riverdaleparkmd.info</a><br></blockquote></div><br><br clear="all"><br>-- <br>Vernon Archer, Mayor<br>
Town of Riverdale Park, Maryland<br>