Because of delayed income tax payments from the state, the city may take out a $650,000 loan to help make payroll.
The city council public works committee voted to seek bids from area banks in order to borrow up to $650,000 as needed. The money would be paid back before April.
City Comptroller Gayle Brandon told committee members that the city has yet to receive state income tax money from October and November, and Brandon said the city has already been warned that December's tax payment won't be on time, either.
I have a great idea! Let's put these people in charge of paying for everyone's health care!
IP,,,,this is very scary situation,,not only are state vendor payments behind,,,,,now they are starting to slow down on tax revenues back to the cities,,,,,if this trend continues,,,,,lord help us,,,all of the extended bonds,,,,,and other outstanding debts taken on by cities. Yep,,,,I know I sound like a broken record crackpot alot of times,,,,,,Guilty! But look at this in reality...borrow, borrow and spend spend spend,,,,,no commas:) Somewhere this had to start cracking,,,,and it finally is,,,dont count out a recession next year,,,,early and deep,,,,even the Fed seems confused. Illinois is a financial disater waiting to happen,,,is it starting now??
good thing champaign city is financially strong, at least strong enough to make payroll
those darn city council members in champaign, they should be ashamed the way they have managed money
Anonymous--not for long, if they keep spending the way they have in the past.
How ironic. It was just yesterday that I read this:
"On December 11th, 2007 at 10:42 AM, Oil Man said:
Typical government lack of paying attention to what is going on with people's finances/stock market/housing/etc which impacts sales. We saw the same thing in a very big way after 9/11 when only one state lowered its expected revenue for 2002."
I am not too sure the city of Champaign had much to do with it,,,they have been lucky in getting tons of cash now for years,,,but they are in serious hock now,,,,their finance director has been dealing from two decks,,,,calling us a boomtown,,,,,,,,,now trying to caution the council about its spending, seems sales tax revenue had dropped and the picture might not be all rosy.