County looking for loan to cover shortfall
By Suzanne Werre
McLean County is feeling the economic pinch from the downturn in oil payments, as the county commissioners approved having County Auditor Les Korgel check into what the county would need to do in order to get a loan to get the county through some tough economic times.
“We’re looking at borrowing some money to cover the shortfall for October and November,” said Korgel,
“The most we can borrow by state law is $500,000,” he added. “I’ll know more in about a week.”
Whatever the county does borrow will have to be paid back within five years, noted Korgel.
Korgel says it’s the first time the county has had to take out a loan to cover its budget expenses since it used a different program back in the 1960’s.
“That’s what you get when you go from two years ago, getting $1.2 million in oil and gas tax, and this year we’re going to see maybe $180,000 – we have to make up about a million bucks,” he summed up.