Flood Chute Repairs in Federal Spending Bill

By Tammy DanielsPrint Story | Email Story

NORTH ADAMS, Mass. — A half-million in funds to fix a deteriorating section of the Hoosic River flood control chute made it into a federal spending bill passed late Wednesday night.

"The Army Corps of Engineers said it had to be fixed," said Mayor John Barrett III on Thursday about a segment of concrete wall that failed in the North Branch of the Hoosic River along River Street. Another section behind Best-Way Car Wash on River Street had been a concern, as well, but was considered stabilized, he said.

The city is responsible for operation and maintenance of the nearly 70-year-old flood control project, built by the government after a series of damaging floods. The Army Corps of Engineers inspects the miles of enclosed waterways.

Two weeks ago, the Army engineers surveyed a section of the flood control chute along River Street and found an area that required repairs, said the mayor. The city was given 60 days to come up with a plan to fix it.

U.S. Rep. John Olver, D-Amherst, a ranking member of the House Appropriations Committee, placed funding for the repairs in the $554 billion omnibus spending bill. The city will receive $492,000; the project will go out for public bid.

"This repair is key to protecting the property and safety of businesses and residents who live along the Hoosic River," said Olver in a statement. "The improved flood control chute will help shield North Adams the next time strong rains cause floods."

The deadline meant a last-minute scramble for funding as the appropriations bill was heading to a vote. "Rep. Olver did a great job getting this in," said Barrett.

Olver's chief of staff, Hunter Ridgway, said Thursday they had been told the president was preparing to sign the bill.

However, President Bush in a press conference late Thursday afternoon charged the Democratic Congress with "wasteful spending" and said his budget director would be looking for ways to deal with some of the 9,800 earmarks in the bill, according to the Washington Post.

Billions for Iraq The bill also contains $70 billion for Iraq and Afghanistan the president requested, along with $5 million in earmarks for Berkshire County, including $1.4 million for the downtown Pittsfield streetscape, $246,000 for Massachusetts College of Liberal Arts, $750,000 for the rehabilitation of Dalton's Windsor Dam and $882,000 for the nonprofit veterans' organization Soldier On, which operates a residential home in Pittsfield.

Berkshire Rides will receive $588,000, the bulk of its operating funds, said Executive Director Jana Hunkler Brule.

The nonprofit organization works to improve public transportation access for residents in the towns of Florida, Clarksburg, Savoy, Cheshire, North Adams, Adams and Williamstown. It provides rides to work for people who live off public transportation routes and for youth groups going to after-school activities. The funding is especially welcome because the organization is feeling the pinch from increasing fuel costs.

"We've been trying to be more efficient, such as carpooling, because gas costs have gone up so much," she said. "So far, so good."


Tags: flood control,   

If you would like to contribute information on this article, contact us at info@iberkshires.com.

What should you know about RMDs?

You may spend many decades contributing to your IRA and 401(k), but eventually you will likely need to take the money out — in fact, you must take the money out or face penalties. What should you know about these mandatory withdrawals?

Here are some of the basics:

  • What are they called? Mandatory withdrawals are technically called required minimum distributions, or RMDs.
  • When must I take RMDs? If you were born before 1951, you've probably already begun taking RMDs. If you were born between 1951 and 1959, your RMD age is 73. And if you were born in 1960 or later, your RMD age is 75. You can postpone accepting your first RMD until April 1 of the year after you reach your RMD age, but this will result in two RMDs for the year. After you take your first RMD, you must take subsequent ones by December 31 of each year.
  • What penalties will be assessed if I don't take all my RMDs? For every dollar not withdrawn, the IRS will charge a 25 percent penalty, but this can drop to 10 percent if you subsequently withdraw the correct amount within two years.
  • Which accounts have RMDs? RMDs apply to traditional IRAs, as well as other types of IRAs, including SIMPLE and SEP IRAs. RMDs don't apply to Roth IRAs. RMDs also apply to traditional 401(k)s, but not Roth 401(k)s.
  • Can I withdraw more than the RMD for any given year? Yes, you are free to take out as much as you want. However, if you take out more than the RMD for one year, you can't apply the excess to the RMD for the next year.
  • How are RMDs calculated? Typically, your RMDs are determined by dividing your account balance from the prior December 31 by a life expectancy factor published by the IRS. Your financial professional should be able to perform this calculation for you.
  • If I have multiple accounts, do I have to take an RMD from each one? If you are taking RMDs from a traditional IRA, you must calculate each RMD individually, but you can take the total amount from one or more IRAs. If you're taking RMDs from a 401(k) or similar plan, you must take the RMD from each of your accounts.
  • How are RMDs taxed? You are typically taxed at your income tax rate on the amount of the withdrawn RMD. You may be able to avoid taxes in a particular year if you transfer your RMDs to a qualified charity in what's known as a qualified charitable distribution.
  • If I inherit an IRA or 401(k), am I subject to RMDs? Yes. When you take RMDs from an inherited account, you generally must withdraw all the funds within 10 years, as opposed to over your lifetime, which is the RMD window that applies to your own accounts. The rules are somewhat different if you inherit an IRA or 401(k) from your spouse. In any case, though, you'll want to consult with your tax advisor about how to take RMDs from an inherited account.

If you're already subject to RMDs, be sure you've taken them before the year ends. And if you haven't yet started taking RMDs, learn as much as you can about them — because the more you know, the more likely you'll make the right moves at the right time.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

View Full Story

More North Adams Stories