Early payment saves Lawrence County $5,000

STAFF REPORT

NEW CASTLE, Pa. — As Lawrence County gets ready for a lean 2009, it is saving $5,000 by paying its tax anticipation note early.

Treasurer Richard Rapone said his office was able to pay the note, due at the end of the year, with money from a certificate of deposit that matured in October.

The county borrowed the $2.5 million note for this year in anticipation of taxes collected through the year, Rapone explained.

Rapone said his office took a $1.75 million CD and paid off the tax note with $1.5 million.

The rest of the money was invested in another CD that matures this month, he said.

County commissioners are looking for as many ways possible to save money as they can, with belt-tightening, cost-cutting and a recently approved hiring freeze.

County departments will not be able to hire staff unless it’s an emergency, commissioners have said.

Because of stock market performance, the county has to double the amount of taxpayer contribution to its retirement fund. It has gone up from $600,000 last year to $1.2 million this year.

Commissioners have vowed there will be no property tax increase in the 2009 budget, saying that people are having a tough enough time in the current economic crisis.