ELLENVILLE – The ongoing saga of the village's troubled financial situation took another twist at Monday's board meeting, as Mayor Jeff Kaplan said that the board would likely vote to rescind last week's resolution to hold a public vote on using $1.1 million in savings to pay off its deficit.

The reasoning for the reversal, he explained, was that the $1.1 million figure discussed at previous meetings did not account for the 2008-2009 fiscal year, which doesn't end until May 31.

"I made a representation last week that the $1.1 million amount that we're looking to draw down from the mountain fund will put us in a position to be at a zero deficit and we can then look to try to balance the budget based upon revenues in and expenses out," said Kaplan, the "mountain fund" referring to the $4.5 million the village holds from the 1997 sale of Sam's Point to the Open Space Institute.   > MORE

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