During the past 5 years, Borough Council has been successful in reducing the Borough Debt Service while providing a high level of service to the taxpayers.
In 2004, the Borough was required to spend 50.4% of the real estate taxes to pay the debt service on loans incurred by prior administrations. At this point, the only remaining long term debt of the Borough is the debt on the ice rink.
The annual debt payment (mortgage) is $654,000 a year. The money owed on the rink will not be paid off until 2025.