By Bob Podurgiel
The borough received a bump in its interest earnings on funds deposited at the bank, Council President Phil Boyd reported at the June 12 borough meeting.
Inflation is impacting us all in a number of ways, he told council members. One way, he said, is through an increase in interest rates, but this increase has generated a small bright spot in the borough budget.
At this point last year, the borough had earned $20,000 in interest on its fund balance with the bank. This year earnings from interest increased to $24,000.
However, the council president said, most of that extra money will likely be used up as inflation affects other parts of the budget.
But for now, he said, higher interest rates have resulted in a benefit to the borough’s finances.
In other news:
The borough’s popular farmers market on East Main Street will start up again on July 9 and run until Sept. 24. The market features work by local artists, produce grown by local farmers, and prepared food favorites like pastries and fresh-baked breads. The farmers market is open Sundays from noon to 3 p.m.
CCDC director retires
Joanne Letcher, who has served the community as executive director of the Carnegie Community Development Corporation for the past 10 and a half years, announced her retirement at the June council meeting.
She said she will continue to serve on the CCDC board of directors, continuing her involvement in the community. Council members wished her well in her retirement, and praised her for being easy to work with on many borough projects.
In his report to council, borough manager Stephen Beuter said sidewalks along Washington Avenue are slated for repairs, improvements to the street lighting on East Main Street are in the works, and upgrades to Carnegie Park funded by $400,000 in grant money awarded to the borough from the state’s community and economic development fund are underway.