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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Winchester lands $50M ammunition contract from Homeland Security
- Deer processors need to use caution to insure safe, tasty venison
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- Travis retiring as head of Mississippi World Trade Center
- Canadian company purchasing Southern Lumber for nearly $50M
- Drew Brees settles lawsuit alleging investment fraud
- Lawmakers question education leaders about escalating administrative costs
- Peavey Electronics reorganizing under new globalization plan
- Court rules board can discipline West Virginia radiologist