The La Porte County General Fund has been projected over the past couple of years as having a deficit of about $20 to $25 million, but that may actually be a huge overstatement.
On Jan. 3. the La Porte County Commissioners hired financial advisors from Cender and Company to create an overall projection of the county’s deficit by the end of 2013. After Cender and Company reviewed finances and projected outcomes, on June 19, they reported to the commissioners that the actual deficit may actually be lower than previously predicted.
The company said the actual deficit would be around $4 to $5 million once the projected tax collections and true cash balances are done and the loan to the 2002 Emergency Reserve Fund, also known as the Rainy Day Fund would be forgiven.
The commissioners then brought Resolution 2013-09 to the County Council meeting on Monday to have the council approve the decision to forgive the Rainy Day Fund.
The ultimate decision by the council on Monday was to have La Porte County Council Attorney Douglas Biege redraft the resolution brought to the county council by the county commissioners in the form of a new ordinance. The new ordinance will also use references of the original 2002 Rainy Day Fund ordinance. The revised ordinance will be brought to the council to be approved at the next scheduled meeting in August.
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http://www.heraldargus.com/articles/2013/07/26/news/local/doc51edefd0a2ed0451649694.txt
