Subscribe

Subscribe
Subscribe to the Oregon Republican Reporter, Mt Morris Times, Tri-County Press and Forreston Journal

County bd. OKs interfund loans

By Vinde Wells

vwells@oglecounty

news.com

Ogle County will keep its bills paid by making interfund loans if needed in the next few months.

The county board approved a cash flow agreement Tuesday evening that authorizes county treasurer John Coffman to make loans up to $3 million to the General Fund from the Solid Waste Fund or the Long Range Capital Improvement Fund.

Finance Committee Chairman Greg Sparrow, of Rochelle, said the loans will be made only if necessary and must be paid back before the fiscal year ends on Nov. 30.

The money may be needed, he said, to tide over the General Fund until real estate tax payments are received in June and September.

Coffman said that last year the board approved $3 million in same inter fund loans, and only $1 million was actually borrowed.

Because of budget tightening, including a hiring freeze, Sparrow said he hopes this will be the last time the loans are needed.

“We hope to work out of this,” he said. “It’s still better than borrowing from the bank.”

The current budget has General Fund appropriations of $14.2 million.

Revenues in the Solid Waste Fund or the Long Range Capital Improvement Fund include the host fees paid by garbage collection companies to dump refuse in landfills in the county.

Loading more