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Princeton residents may be seeing an increase in their utility bills. At this week’s city council meeting, Mark Beauchamp, a consultant from Utility Financial Solutions, LLC, presented a report on long-term financial projections for Princeton’s utilities. He stated that currently they have around three hundred thousand dollars in their cash reserves when they should have a minimum of two point eight million dollars. In order to catch up to where they should be Beauchamp proposed a five-year plan consisting of an increase of 10.2 per cent for 2011 and 2012 and then a 4.3 per cent increase every year after that. He stated they should be where they need to be financially by the year 2016. Mayor Keith Cain stated that if the council does nothing they won’t be able to pay bills next year and wouldn’t be able to pay for maintaining the system in the long run. Princeton City Council took no action on the proposal at this time.
WZOE, Z-98, WRVYP.O. Box 692209 S. Main StreetPrinceton, IL 61356
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