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´╗┐Coatesville trust fund continues to shrink

The lack of withdrawals from late 2005 until 2009 was due to restructured financing in the city. In 2006, the city brought in nearly $8 million in traditional revenues, but spent $16.7 million. In 2007, the city came much closer to balancing its budget and brought in about $9.9 million, while spending nearly $10 million.

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Omega Seamaster 930

Omega Seamaster 930

Since that point, council has been steadily withdrawing about $2 million per year in order to balance the budget at the end of the year. The withdrawals come around September or October and have Omega Constellation Co-axial Chronometer

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what has happened in places like Harrisburg and Reading.

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While the money sat mostly idle for the first four years of existence, 2005 began the rapid shrinking of the fund. In August of 2005, the City Council approved a $7 million withdrawal from the fund to meet current and past due financial obligations, according to the ordinance that allowed the withdrawal. In other words, the city used the trust fund to pay off other bonds.

In 2009, council voted to lower taxes for 2010 which again cause revenue problems, but that was after a substantial withdrawal in 2009. In November and December of 2009, council withdrew nearly $8.6 million from the fund which took it down to around $13 million.

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avoid a tax increase on the property owners within the city. This also marks the first time that a trust fund withdrawal is being budgeted since 2006, but it is certainly not the first time since then that the trust fund is being used to help diminishing revenues keep up with ever growing expenditures.

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If the city utilizes all of the expected withdrawal, the trust fund have around $7 million remaining despite beginning in 2001 with about $38 million.

The withdrawal is included to Omega Seamaster 550

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The 2005 withdrawals took the fund down to around $21.2 million. Some small interest gains brought the fund up to $21.8 million until 2009 when council once again dipped into the coffers.

The trust fund was created after the sale of the city s sewer system in 2001. Initially, the account had around $38 million and was down to around $36 million in 2005 because of an investment losses, according to a city ordinance.

Many on council and within the city have correctly pointed out that at the current rate the city will be out of trust funds money within five years. At that point, if the city cannot generate enough revenues to balance its budget on its own, it could be facing a potential state takeover similar to Omega Gold Seamaster

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been intended to get them through the final months. With the latest withdrawal in October of around $2.2 million, the fund is now at around $9 million. As of October of this year the fund balance was $9.8 million, according to bank statements, but the city made additional withdrawals in November to total the nearly $2.2 million that was approved by council.

If that $7 Omega Seamaster 930 million blow was not enough, in December of 2005 council once again tapped the fund. This time, council approved $8.5 million in order to avoid excessive tax increases for 2006, an ordinance states.

Both 2005 ordinances state an intention by council to pay back the borrowed money from the trust fund. Ever since the initial deposit when the sewer system was sold, no deposits into the fund have been made.

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