City covers expenses without taking out loan
NATCHEZ — For the first time in nearly a decade, the City of Natchez completed a fiscal year without taking out a tax-anticipation loan to cover expenses.
City Clerk Donnie Holloway tells The Natchez Democrat that the city had enough funds to cover end of the month payroll, but not by a lot.
Holloway said the city’s general fund balance on Oct. 1 was just over $118,000.
A July board of aldermen vote gave the city the authority to borrow $650,000 this year, but the loan was ultimately avoided.
Sales tax revenues have been on the rise each month since February. Before that time, the city saw steady declines in sales tax collections.
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