Borrowing

Loan Needed to Cover Payroll
10:29 am
Fri June 8, 2012

Burlington to Borrow Money

Burlington City Manager Jim Ferneau

Burlington will need to take out a very short-term loan to get through the current fiscal year, which ends June 30th.

The city council has authorized the borrowing of up to $2-million to cover payroll and operations through the end of the month.

City Manager Jim Ferneau says the city will need about $700,000 to cover the final payroll of the year, so he does not anticipate needing to borrow the full amount.

He says it is good to have the authority to do so, though, in case an ongoing capital project runs into trouble.

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Borrowing $450,000
9:24 pm
Wed May 9, 2012

Des Moines County to Help E-911 Board

The Des Moines County Board of Supervisors

Des Moines County is being asked to borrow $450,000 on behalf of the county’s E-911 Board.

Board of Supervisors Chairman Tom Broeker says the agency still owes money to a local bank for some computer equipment purchased years ago.

Broeker says a recent state audit revealed that Des Moines County’s E-911 Board should not be carrying any debt.  He says that means the agency cannot renew the loan, which must take place within the next few months.

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