No Holiday for Speedway Town Council

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Council members Bill Suffel and Eileen Fisher took part in their first meeting since their November election.

Photo by Jay Thompson

(posted Jan 1)

The Speedway Town Council started the New Year with a 53 minute meeting that tackled its immediate needs to pay PERF funds and insurance bills on January 2.

The council passed five resolutions that borrowed money from from the sewage improvement plan and sewage depreciation fund to cover general obligation debts, fire and police pensions.

Clerk Treasurer Sharon Zishka informed the council that the tax distributions received Dec 28 covered paying back the 2007 temporary loans, but it is want not enough to cover the 2008 expenses.

"And now you know why we all are working today," President Gary Raikes said.

Zishka also noted that the Department of Local Government Finance sent a letter stating the 2008 budget has not been approved and recommended using the 2007 figures for the town's income. Zishka warned the council that because the previous council passed ordinances giving raises to town employees the council would have to be more vigilant in the coming months.

Raikes asked to be kept apprised of the situation to be able to contract spending in other areas in order to be able to fund the pay raises.

The council approved borrowing $400,000 from the sewage improvement plan to fund debt service fund for the $600,000 general obligation principal bond payment. The council aso borrowed $225,000 from the sewage improvement plan to fund the fire pension, and $100,000 to fund the police pension.

The council borrowed $500,000 from the sewage depreciation fund and $500,000 from the sewage operation fund to cover the town's general fund.

Raikes asked the council to be prepared for the January 3 public meeting to address the consolidation issue that could affect Speedway Public Schools. Raikes asked the council to read the Kernan-Shepherd Report.

The governor's proposed plan has created vocal outcries of opposition from town residents. The meeting will be at the high school auditorium at 7:30 pm.

Councilor Lu Hillmer said she received notice from Beech Grove for the council to attend a January 9 meeting concerning consolidation since it affects the four excluded cities, Lawrence, Beech Grove, Southport, and Speedway. The consolidation plan also recommends consolidating police and fire services