NEW REPORT SHOWS FUNDS SET ASIDE FOR NORFOLK'S INFRASTRUCTURE NEEDS ARE IN ROUGH SHAPE
7/14/2017 7:43:08 AM
County staff has warned our elected officials that they need to start saving money before it's too late.
The County's financial department painted a grim picture when it comes to our 50-some reserves used to repair things like roads, water, and sewer.
Council has committed just over $474-million for such projects to be completed by 2026.
But due to a lack of saving and pulling money from reserves -- Council learned that they don't have enough cash in the bank to complete some of those projects.
In the financial department's report, it shows Norfolk County would be almost $102-million in the hole.
The County's Kathy Laplante gave council an example of their spending habits.
The staff is recommending that Norfolk Council sets aside $1.1-million into reserves come budget time.
That would work out to be a 1.4 percent increase in your property taxes.
Council is now coming up with an action plan to ease the burden on the ratepayers.
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