Natchez officials plan to borrow approximately $166,000 to cover expenses for payroll and bills this month.
The Natchez Democrat reports the emergency loan is a change from the city’s original plan to ask Magnolia Bluffs Casino to pay in advance the $250,000 in remaining lease payments for the year or take out a three-month loan for the expenses. That plan was outlined at an aldermen budget meeting last week.
On Friday, Interim City Clerk Melissa Hawk said since the city’s current cash flow problem stems from money tied up as reimbursable grant funds, the city applied for the emergency expenditure loan based on the grant funding’s pending reimbursement.
Hawk says the city does not need the full $250,000 loan for which it had previously planned, because the casino’s September lease payment of $83,333 has been received.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info