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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Bids on reworking Interstate 55 stretch are rejected
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- ALAN TURNER: Education in Mississippi – good and bad news
- Hosemann to launch crowd funding program
- CFPB wants repay ability at center of new payday loan rules
- Terminal upgrade on indefinite hold at Jackson International Airport
- Answering the Bell: Interim Ole Miss law school dean well-regarded for directing hands-on clinical training
- JOSH MABUS: The Tao of Road House