By Larry Riley in the Muncie Star Press:
With each new month, the Delaware County Auditor’s office issues a new projection for the general fund, which pays for most of county government.
The prior month’s actual revenues and expenditures replace the estimated ones and the rest of the year’s forecasts are recalculated to see where we stand. Make that how bad we’re falling down.
At the end of April, staff projected the general fund to be down at year’s end to a $3.6 million balance.
To put this in perspective, we began this year, 2013, with a higher balance, $3.9 million, yet within six weeks were so desperate for cash, the Delaware County Council “borrowed” $2.8 million from the rainy day fund to prop up the general fund.
“Borrow” is a euphemism for “permanent transfer,” given odds of never paying the money back.
So with another month, May, gone by, where are we?
An early tax draw on the spring property tax payments came in at $3.1 million and shored up the fund. But the amount was $300,000 below earlier expectations.
On the other hand, total expenditures — $2,073,331 — were $300,000 less than expected. A wash, of sorts.
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See the full article here:
http://www.thestarpress.com/apps/pbcs.dll/article?AID=2013306160027&nclick_check=1
