Brentwood enjoys $2 million fund-balance surplus
Brentwood Borough is in the black after the latest audit, but future projects could cause concern.
“We ended 2012 better than expected,” said George Zboyovsky, borough manager.
Hosack, Specht, Muetzel & Wood LLP released Brentwood's 2012 audit results at the Aug. 27 borough council meeting. The state-required audit shows that the borough ended 2012 with more than a $2 million fund balance, Zboyovsky said.
This is an increase from the $1.7 million fund balance the borough enjoyed at the end of 2011.
The borough has two major projects under way. It began an $8 million overhaul to be completed in eight phases in May. As of September, phases one and two — which included renovations to the Brentwood Borough Stadium, dek hockey rink and baseball fields — came in $800,000 under budget, Zboyovsky said.
The public works facility on East Willock Road will be completed in October at an estimated cost of $1.5 million.
Currently, the borough is funding the projects through grant money, fundraising by the Brentwood Park Initiative and an $8 million line of credit, Zboyovsky said.
In 2015, council will have to determine if it would like to convert this into a 25-year bond note. The costs of the new or renovated municipal building could affect this decision, Zboyovsky said.
HHSDR Architects/Engineers are completing the design services for the municipal building project set to be completed by the end of 2014. At least a year would be needed to complete the project that would revive the 98-year-old building, possibly buffering costs until 2015, Zboyovsky said.
Another concern is maintaining a $750,000 road maintenance road program.
“It's all about maintenance to avoid catastrophic events,” Zboyovsky said. “It's easier to maintain than to replace.”
The cost of running the borough continue to increase, Zboyovsky said.
“People have to realize that when they say ‘my tax dollars pay for that,' they pay for about one third of what it takes to run a municipality,” Zboyovsky said. “The rest comes in fees, fines and the aid that trickles down to us.”
After the Allegheny County assessments, Brentwood's millage rate was reduced from 8.5 to 7.5. One mill generates $400,000. Zboyovsky is uncertain if taxes will increase in 2014. The millage rate has not gone up in more than eight years, he said.
Brittany Goncar is a staff writer for Trib Total Media. She can be reached at 412-388-5803 or firstname.lastname@example.org.