2009-09-10 / News

Township waiting to pay off hall addition

BY GARY GOULD MANAGING EDITOR

RICHFIELD TWP. — Despite the urgings of some residents, township officials are taking a wait-and-see stance over whether to pay off the balance on the addition and renovations to the township hall early.

Resident Betty Bingham has repeatedly asked the board to look at early payment of the remaining $450,000 owed on the Richfield Township Hall as a cost-savings measure. She said such a move would save the township $5,100 monthly.

The township has about $2.1 million in its general fund equity.

“You have well over $2.1 million available,” said Bingham at the Sept. 8 township board meeting. “Why don’t you see about paying off that balance?”

Supervisor Joe Madore said the township would save in the short term, but he said recouping the fund balance would be nearly impossible.

“It took a long time to get that nest egg,” said Madore. “If we take a chunk out of it, it’s gone.”

Treasurer Joyce Schneider said the township has to consider the current state of the economy and more predicted cuts in state revenue sharing.

“What’s scary is state revenue keeps going down,” she said. “It was $75,000 this year, but that was a drop from $105,000.”

Madore said the township board would be more likely to consider early payment of the loan on the offices once the penalties for early payoff drop more.

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