Two weeks ago I posted about how Middletown was having a hard time paying its bills. The Township Committee needed to pass Resolution no. 09-263 authorizing an emergency appropriation of ~ $1.5 million to pay the interest on a tax anticipation note.Today I have heard that another emergency appropriation of $1.5 million is needed before the end of the month to pay the benefits of Township employees. Where is this money coming from you ask? It will be borrowed and rolled into next years budget.
So even before the next calendar year starts, Middletown will find itself with a $3 million budget deficit before other budget shortfalls are even identified.
From what I have been told theplans for this second emergency appropriation will be introduced at the Township's workshop meeting this coming Monday night.
Stay tuned for more details next week.
1 comment:
Gross incompetence!!!
The majority has continually done everything possible to not establish a finance committee to get a budget planned and executed.Free reign is fools reign .
Maybe what we need now is an impeachment committee to get rid of incompetence.This current group operates in "la la land" Get real or get out !! Your political buddies don't pay the bills. The citizens of Middletown.all of them,pay the bills.
WHAT NEXT ???
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