LAKE COMO — The Borough of Lake Como Council introduced a cap bank ordinance at Tuesday, Feb. 16’s council meeting.
If needed, the passing of this ordinance would allow borough officials to increase the annual budget by 3.5 percentage rate over the next two years.
Local law provides that in the preparation of its annual budget, a municipality shall limit any increase in its budget up to one percent unless authorized by an ordinance to increase it to 3.5 percent over the previous year’s final appropriations.
Councilwoman Virginia Kropac said, “What we are doing here is establishing a 3.5 percent cap bank just in case we would need it.”
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