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Tyrone adopts budgetFri, 06/27/2008 - 4:10pm
By: Ben Nelms
Tyrone’s budget was approval by unanimous vote Thursday night, with a $177,920 shortfall expected to be made up by measures currently under discussion or by transferring money from reserve accounts. The expenditure side of the budget totals $3,285,592 compared to revenues set at approximately $3.1 million. Previous budget work sessions resulted in significant cuts needed to forestall a millage rate increase. Expenditure cuts came largely in employee pay and benefits, a reduction in purchased and contracted outside services, consolidation of library services and the elimination of one police officer and the part-time code enforcement officer. The council eliminated employees’ 2.5 percent Cost of Living Allowance and the 2.5 percent longevity increase. Also eliminated was the town’s payment for long-term disability as was a new requirement that employees begin paying for 50 percent of dependent coverage on health insurance. The town currently pays 100 percent of individual and dependent coverage. Other budget reductions came from the elimination of one police officer at approximately $51,000 and the code enforcement officer at $15,000. The council will look to find savings to offset the $177,920 budget shortfall. Currently under review are items such as an alternative medical insurance policy for town employees and possible increases in some fees charged by the recreation recreation department. If sufficient revenues items are not forthcoming the council can use a portion of the town’s reserve funds to balance the budget. “Currently, the town has accumulated sufficient assets to maintain a four month contingency reserve and sufficient additional reserve funds of almost $1 million,” said Mayor Don Rehwaldt. login to post comments |