City to take out loan in anticipation of tax collections
Published: November 13,2013
NATCHEZ — The Natchez Board of Aldermen voted to take out up to $600,000 in tax-anticipation loan funds to cover mainly payroll expenses until expected tax revenue is collected.
The Natchez Democrat reports City Clerk Donnie Holloway told the board yesterday the city needs the funding because the city is currently paying two health insurance companies as it transitions from Blue Cross Blue Shield to United Healthcare.
Holloway said after the meeting the city is still paying claims from before Oct. 1, which is when the city’s new plan with United Health Care went into effect. The city is meanwhile also paying the premium for United.
Holloway says the loan must be paid back by March and will help pay the city’s payroll expenses, which total $600,000 monthly.
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