Tuscumbia City Council to borrow $400,000 - WAFF-TV: News, Weather and Sports for Huntsville, AL

Tuscumbia City Council to borrow $400,000

(Source: WAFF) (Source: WAFF)
TUSCUMBIA, AL (WAFF) -

The City Council on Monday authorized borrowing $400,000 to help pay bills for the remainder of the fiscal year.

The council unanimously approved the resolution authorizing Mayor Kerry Underwood to proceed with acquiring a loan from First Metro Bank.

Underwood explained the city is approximately 3 percent down from anticipated sales tax revenue for the current fiscal year, which runs through Sept. 30.

At the same time, the city's departments are an average of 2 percent over their anticipated budget expenses, the mayor said. He said he has spoken with department heads and they will cut corners for the remainder of the fiscal year to bring them in line with their budgets.

"We are issuing a memo to our department heads and I appreciate their hard work and they're going to tighten their belts," he said.

This is the first year of the current administration, but the city has had to cut back in the past during this time of year in order to make budget.

Underwood explained a reason behind that is there are costly budget items that are heavy one-time expenditures such as insurance-related costs early in the year. Expenses typically level off by the end of the fiscal year.

Read more at Times Daily

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