WHEATFIELD
Wheatfield finances benefit from retiring bonds
WHEATFIELD — The economic forecast for Wheatfield in 2009 may be brighter than that of most communities, thanks to the retirement of some bonds.
As a result, about $540,000 that had been budgeted for bond debt will instead provide tax relief and pay for special projects, Supervisor Timothy E. Demler said Wednesday.
Usually, the town has to budget about $1.6 million for debt payment, but some bonds were paid off in 2008, freeing up the extra money. Demler said the Town Board agreed to use $130,000 in December to retire one bond.
He said the economic crisis and fewer job opportunities of 2008 made it the most difficult year of his tenure to balance the budget and lower taxes.
“But we have to look to the future and to a new vision,” he said, addressing town employees and officials during a news conference that kicked off his annual luncheon for town employees in the Community Center.
Demler said he hopes to use about $300,000 of the extra money to offset property taxes, cutting costs for homeowners by about $60 to $100 per property.
The exact amount, he said, depends on how much money the town will spend to fund storm-water management responsibilities mandated by the state Department of Environmental Conversation for 2009. Engineering, inspections and enforcement of storm-water regulations will now have to be paid by each community. The additional costs are expected to increase the sewer user rate to $1.52, from $1.32, for each $1,000 of assessed property value, town officials estimate.
He also said the town works hard to push projects and improve services for residents.
One key project is mounting a legal challenge to the Federal Emergency Management Agency floodplain map, which, if approved, would place about 920 homes in designated flood areas. The designation requires homeowners with mortgages to purchase additional flood insurance that costs as much as $1,100 a year.
The town also will fight to “free Bergholz” — requesting that several homes in the community be removed from the existing floodplain map, Demler said.
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