At Monday's Council meeting, Finance Committee Chairman Lonnie Mixon announced the Council had apparently met one of its main goals; it won't be necessary this year for the City to borrow more money-- to pay end-of-year bills (2009 fiscal year ending Sept. 30th).
Mixon: "Mrs. Wilson (Treasurer, Nancy) informs me . . . if there are no emergencies . . . we're just about home free this fiscal year . . . our heads are well above water . . . haven't had to go into our ($2 million) line of credit."
The chamber audience broke out in loud applause when Mixon concluded.
[The City's longtime practice of having to borrow money at every fiscal year's end just to make ends meet became a bone-of-contention earlier this year--especially with Mixon, who has extensive experience with such matters in Federal Bankruptcy Court.]
Publisher's Note: The City began receiving its first revenue from the new sales tax (enacted earlier this year) last July: at a rate of about $300,000 per month.
At Monday's Council meeting, Finance Committee Chairman Lonnie Mixon announced the Council had apparently met one of its main goals; it won't be necessary this year for the City to borrow more money-- to pay end-of-year bills (2009 fiscal year ending Sept. 30th).
Mixon: "Mrs. Wilson (Treasurer, Nancy) informs me . . . if there are no emergencies . . . we're just about home free this fiscal year . . . our heads are well above water . . . haven't had to go into our ($2 million) line of credit."
The chamber audience broke out in loud applause when Mixon concluded.
[The City's longtime practice of having to borrow money at every fiscal year's end just to make ends meet became a bone-of-contention earlier this year--especially with Mixon, who has extensive experience with such matters in Federal Bankruptcy Court.]
Publisher's Note: The City began receiving its first revenue from the new sales tax (enacted earlier this year) last July: at a rate of about $300,000 per month.
Comments