Mayor Duke Bennett is urging the Terre Haute City Council to make three big ticket transfers to bring the city’s “general fund” into balance by the end of this year.
The mayor asked the nine-member council to move approximately $7.7 million into the city’s critical general fund at Thursday night’s council “sunshine” meeting.
The transfers would come from three sources: The Economic Development Income Tax fund ($2 million), the “rainy day” fund ($3.5 million) and from the city’s Waste Water Utility in the form of a “payment in lieu of taxes,” of PILOT ($2.189 million).
At the start of this year the general fund, which pays for most of the city’s day-to-day expenses, was $4.5 million in the red. If all three transfers are approved, the city will end 2012 “really close to finishing the year with minimal loss or break even,” Bennett said.
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The mayor asked the nine-member council to move approximately $7.7 million into the city’s critical general fund at Thursday night’s council “sunshine” meeting.
The transfers would come from three sources: The Economic Development Income Tax fund ($2 million), the “rainy day” fund ($3.5 million) and from the city’s Waste Water Utility in the form of a “payment in lieu of taxes,” of PILOT ($2.189 million).
At the start of this year the general fund, which pays for most of the city’s day-to-day expenses, was $4.5 million in the red. If all three transfers are approved, the city will end 2012 “really close to finishing the year with minimal loss or break even,” Bennett said.
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