City OKs temporary loan for expenses
Greencastle officials worried they won't be getting their spring property tax distribution on time have been forced to take action -- again.
On Thursday, members of the city council voted to transfer almost $400,000 from the Economic Development Income Tax fund, or EDIT fund, in order to float the general fund until property taxes are received.
Normally the city receives it spring tax draw in June, but delays are expected again this year.
Mayor Nancy Michael said it could be the end of July or possibly later until the funds are received.
"We don't know when we will be receiving it at this point in time," Michael said.
City Clerk-Treasurer Teresa Glenn said she hopes the $385,000 loan from the EDIT fund to the general fund will cover the city's expenses from May until the middle of August.
She hopes the city receives it property tax draw by then.