Reading Eagle Editor 8-24-11

August 24, 2011
Gennaro A. Marino P.E.
409 West Main Street
Kutztown, Pa 19530
e-mail kmayor@ptd.net
website www.marinoreport.com
The Reading Eagle Editor
Fax 610-371-5098
Dear Editor,
Thank you for your article about the Borough of Kutztown saving $334,000 over 10 years by refinancing a bond. Council President Mac Eidle stated it is a good time to refinance. He didn’t say the Borough is in the process of borrowing $8.5 million to increase the Borough Debt to more than $20 million and the debt annual payment will be about $1.8 million a year.
According to the Annual 2010 Audit Expenditures were about $18 million and Revenues were about $17 million.
Thank you Council President Eidle for your refinancing of the Bond to save the Borough $33,400 a year which will go a long way in repaying the Borough Debt payment of $1.8 million a year and raising about $1 million to balance the Borough Budget.
President Eidle should also explain how a Borough of 5,000 residents can support such a massive financial obligation. Thank you.
Gennaro A. Marino
Resident