Point Borough is putting some money in the bank, just in case next year's budget is tougher than this year's.
The Point Borough Council voted unanimously Tuesday night to adopt an ordinance to exceed the state-mandated spending limit by $193,289, but only for the purpose of establishing a "cap bank," as allowed by state law.
That means the Borough is banking that money in case it's needed next year, said Borough Business Administrator David Maffei. If the Borough has a need next year to exceed the spending cap, it can use the banked funds to help fill the gap and potentially avoid having to exceed the spending cap, he said.
After two years, those funds will no longer be available for that purpose, unless council adopts a new ordinance to re-appropriate funds, Maffei added.
Tuesday night's vote was for second reading and adoption. The vote on first reading was passed unanimously at the Aug. 20 meeting when the Borough's budget was introduced.
There was no public comment regarding the measure at either meeting.