[naviga:h3]Supervisors approve township budget[/naviga:h3]

SLIPPERY ROCK TWP — The township supervisors Monday approved the 2016 budget.

The property tax will remain the same as it is this year, 2.25 mills. Residents pay one mill per $1,000 of assessed property value.

The budget calls for $824,610 in revenue and $759,580 in expenses, with $65,000 going into a reserve account.

The township also has $793,000 in investments.

Supervisor Paul Dickey said the township does not have any significant streets projects planned for 2016, only regularly scheduled maintenance.

The supervisors also voted to continue the 0.5 percent earned income tax, which is no change from this year.

[naviga:h3]SRU may save $14M in debt service[/naviga:h3]

SLIPPERY ROCK — Slippery Rock University is close to finalizing a deal that will save it an estimated $14 million in debt service on its residence halls.

U.S. Sen. Bob Casey’s office announced that the United State Department of Agriculture approved a $120 million loan to the Slippery Rock University Foundation.

The money comes through the USDA’s Rural Development Community Facility Loan program. It is a 24-year loan with a 3.25 percent interest rate.

The $120 million is roughly the amount the foundation owes on its newest residence halls, which were completed and opened in 2007.

Ed Bucha, executive director of the foundation, said the USDA interest rate is lower than its current bonds through the Pennsylvania Higher Education Facilities Authority. He estimated the savings for SRU to be about $14 million, which will help prevent having to increase fees for students.

“If our debt service obligation goes down, that is positive on the other side in determining lease rates for students,” he said.