Thursday, April 12, 2012

Trib: Hearings to decide on Mt. Lebanon spending surplus

Mt. Lebanon commission will hold public meetings in the next two weeks to discuss spending up to $1.38 million of this year's budget surplus and to discuss the municipality's parks and recreation needs.

Mt. Lebanon keeps about 10 percent of its annual revenues in reserve, not assigning it to pay for any projects. When revenues at the end of the year go above that 10 percent threshold, a law enacted late last year requires a public hearing for residents and the commissioners to discuss whether to spend the excess, and if so, how to do it.

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Anonymous David Brown said...

Anything that reduces future costs, such as paying down debt or upgrading energy efficiency, would be fine with me. Maybe we could buy back that bond debt that we incurred for street maintenance a couple of years ago, or something equivalent like an investment with the growth dedicated to that debt service.

April 14, 2012 11:27 AM  
Anonymous Anonymous said...

Hey David,

How about using the surplus to buy back the outstanding debt remaining on the $1.1 million in bonds for the 911 Center renovation we didn't need, and the $2.0 million bond issue for McNeilly Park we can't sell or afford to use for fields, as well ?

Exercise the call provisions for these bonds which carry about 4% in bond interest costs each year. Better to pay off debt before you start spending your savings account or incurring more debt to pay for anything resembling wishes and wants.

Bill Lewis

April 15, 2012 5:08 PM  
Anonymous David Brown said...

Hi Bill,

I was hoping you would chime in, but I'm confused. I thought you would agree with me.


April 16, 2012 6:17 PM  

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