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Ancram pays off loan to save

Sep 15, 2017 4:05 pm
Diane Valden reports in The Columbia Paper that Ancram town officials, and their volunteer fiscal experts, have the town paying off loans early to save money on interest payments. Ancram has a volunteer Financial Advisory Council, with nine citizens meeting monthly to oversee Ancram finances. The group recently recommended paying off the balance of about $240,000 owed on the $400,000 loan the town took out in 2015 with 1.99 percent interest to buy two new plow trucks. Ancram will save $9,000 in interest over the next three years, as the board approved the recommendation. Ancram Supervisor Art Bassin told the paper the town is also trying to get a better interest rate than its current .25 percent on its reserve savings. Read the full story in The Columbia Paper.
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