Budget Update from Clyde River Community Council
At the recent Annual General Meeting, residents voted to approve the proposed 2012 budget. As indicated in an earlier post, the budget is designed to eliminate the remaining principal on the Communities 13 Inc. loan. Paying off the principal in 2012 will save the community about $4500.00 in interest as well as remove the regular annual loan payment of $4842.16 from future budgets. The approved tax rate for 2012 is 17 cents. Council intends this rate increase to be for one year only.
Background: Clyde River is one of the communities who agreed to financially support the Community 13 Inc. for the purpose of building the APM Centre in Cornwall. For the municipality of Clyde River (Clyde River and Dunedin) this 20 yr. commitment totaled $50,917 principal @ 7.5% interest, the going rate at that time. It is in the community’s best interest to pay this off in order to eliminate the interest charges. When Council brought this to the General Meeting and explained the rationale, there was strong support for taking this route.