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Treasurer reports $587,000 June loss; borough still shows $1.8 million year-to-date income
Summary
Treasurer Mark Burton told council the borough posted a $587,000 net loss in June and year-to-date net income is $1.8 million; he also reported two small grants totaling $19,000 and a $25,000 fire truck payment and said a Tax Anticipation Note will be paid this month pending landfill-fee receipts.
Treasurer Mark Burton reported to Dunmore Borough Council that June’s financials showed a net loss of $587,000, bringing year-to-date net income to $1.8 million.
Burton said revenue was limited in the typical summer slowdown but noted the borough received a $10,000 DCED Strategic Management Planning Grant and a $9,000 donation to the fire department from the Lion’s Club. On the expense side, he said there was a $25,000 payment for a fire truck. Burton told council the Tax Anticipation Note will be paid this month once landfill fees are received and that the borough expects a $1 million bond issue next month to address cash flow needs.
Council members asked procedural questions about timing; Burton said staff will follow up on bond and cashflow items as receipts are confirmed.
