Dolton to borrow $1M from TIF to make payroll

2013-05-28T13:36:00Z 2013-05-29T10:31:04Z Dolton to borrow $1M from TIF to make payrollGregory Tejeda Times Correspondent nwitimes.com
May 28, 2013 1:36 pm  • 

DOLTON | The Village Board approved borrowing $1 million from a tax increment finance district fund Tuesday so the village can make its payroll this week and a health insurance payment next week.

Trustees voted 5-0 during a special meeting held at Village Hall to approve the transfer of $1 million from the TIF fund that had about $1.2 million in it, Village President Riley Rogers said.

Rogers said officials would not have been able to make the village payroll if the transfer was not approved.

Rogers said money from the TIF fund should transfer into the village’s operating funds by Thursday, enabling the village to cover the paychecks it issues Friday.

As for future payrolls, Rogers said there are certain revenues the village is expecting that should ensure paychecks do not bounce.

He also cited a $300,000 loan the village made to the Dolton Park District several years ago, but had not been receiving repayment on, Rogers said.

“We discovered the loan is still active, and we put them on a schedule so we can start seeing some money for the village,” Rogers said, adding the village is looking to sell off some excess items that were purchased during previous administrations.

Those items include a pair of what he described as “luxury” automobiles and a van specifically designed for the transport of jail inmates.

In the latter case, Rogers said the vehicle is valued at about $68,000, and negotiations are taking place to get the Cook County sheriff’s police to purchase the vehicle at “close to market value.”

Rogers also said the village’s Police and Code Enforcement departments are looking into ways to increase the amount of money they bring in to Dolton.

At the Village Board meeting Monday, Rogers expects to outline a detailed plan for balancing the budget, according to a news release.

Clem Balanoff, the transitional village administrator, said in the news release Dolton officials are looking at various ways to increase revenue, including hiking the village's sales tax, reducing legal expenses and asking the unions to renegotiate contracts.

Copyright 2014 nwitimes.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Follow The Times

Latest Local Offers

Featured Businesses

Poll

Loading…

Is a town marshal needed in Winfield?

View Results