New Scotland adopts budget

According to a statement from the comptroller's office in September, the 2011 rate will jump to 11.9 percent, up from 7.4 percent expected in 2010.

"While the pension fund has handled the market collapse better than most other public funds, there is no question that it's been hit by the crumbling economy," State Comptroller Thomas DiNapoli said in the statement. "The Retirement System's Actuary has determined that employer contribution rates have to increase. In the past, when the market performed well, the rates decreased. Similarly, when the markets perform poorly, the rates have to increase."

The rates in 2011 will be comparable to 2005-2007, DiNapoli said.

Dolin said the town is prepared for any increases in the rate this year, and will make the appropriate adjustments when the 2011 rates rise.

"All we can do is deal with them if and when they arrive," Dolin said.

He said the town's reserve funds are doing well, with town wide reserves at 50 percent of the main fund, 85 percent of the B fund, and 30 percent of the highway fund.

Dolin noted another item the town will have to monitor closely as the year progressed is cuts related to the town designated engineer, where last years line was halved from $33,000 to $15,000


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