Mt. Vernon City Council Holds Special Meeting

(MT. VERNON, IL) — Mt. Vernon City Council held a special meeting Thursday to come to a decision regarding an ordinance approving the fire truck revolving loan program loan agreement and means of payment. The Illinois Finance Authority is said to finance a loan for $350,000 with the first payment due November of 2016. $259,000 will be financed by traditional methods per the Interim City Manager, Mary Ellen Bechtel, as the amount to be financed totals $609,000. This ordinance was approved. Finance Director Merle Hollmann led the review of the four month budget for May through August 2015. Overall, the general corporate fund is doing significantly better than projected. Tax revenue is still owed to the capital projects fund. Once added, it is anticipated to result in a total operating surplus. The public utilities fund however has slightly surpassed its projected deficit. While the operating working fund was up with a higher balance than expected; revenues were slightly down. This resulted in a slightly larger operating deficit than predicted for the public utilities fund.