Terrace Park revised budget

Terrace Park will be the end of the year with slightly less money in the bank.

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Village officials review the proposed 2010 budget revenues for 1.5 million U.S. dollars after a deadline for submission is missing a 3.5-mill renewal levy on the November ballot.

The village will spend about 1.9 million U.S. dollars this year, "said Alderman Mark Porst.

Porst, chairman of the Finance Committee of the village, said this was one of the first times, Terrace Park has operated with a deficit.

He stressed that although the village in a position to this budget deficit, Terrace Park will spend nearly $ 400,000 more than this year.

Council unanimously agreed to a cash reserve fund to use to get up for the lost money, approximately $ 366,000.

"We have sufficient reserves to cover this," says Porst.

"It is operating a full year budget (and) this is under our control."

Terrace Park had more than 2 million U.S. dollars in the bank at the end of last year.

After accounting for the resulting single-ended funds the spending of the levy, Terrace Park is expected to be 1.6 million U.S. dollars in cash reserve at the end of 2010 have.

Councilor Tom Tepe, said the village is in a good position, because the reserve would be to bring the balance back after this year.

Village officials have a new charge is explained on the elections in November, but exact Millage remains to be determined.

Porst said he expects to be the life of the tax extension, if approved by the voters, how the village in the past.