According to the Commercial News, How to deal with cash flow problems in one government fund will be up for discussion Tuesday night at the Vermilion County Board meeting.
Before the board will be an ordinance to establish a $1.5 million line of credit for the Public Safety Building Rent Fund for fiscal years 2015 through 2017. The line of credit, according to the ordinance, is a deal with a cash flow problem in the fund, which includes expenses from the Public Safety Building and the Juvenile Detention Center.
Vermilion County Board Chairman Mike Marron said the loan in part is to deal with as issue of timing. The Public Building Commission requires a $5 million payment in November for the Public Safety Building and quarterly payments by the county for the Juvenile Detention Center.
The county is expecting $5.5 million in real estate taxes, according to figures from the current fiscal year budget. Those funds, Marron said, aren’t expected to be received by the county until after the payment is due the commission.
“We’re trying to authorizing a loan in case we need to borrow money from the general fund short-term,” Marron said on Friday.
The issue of needing the line of credit also is a result of a balance in the Public Safety Building Rent fund in recent years. Former chairman Gary Weinard received approval on a small tax increase in 2013, Marron said, that increased the levy for that fund.