“The outlook is grim.”
That’s how Silex City Clerk Sylvia Roper described the financial statement for a city in turmoil.
Debt continues to pile up and the question is, “where will the revenue come from?”
In two separate meetings held in late July, the Board of Alderman met to discuss 1.) current projects and costs from things such as FEMA/SEMA, Nutrijet project and the wastewater project. 2.) discussion of a budget for the remainder of 2019 and then for 2020.
The good news, the wastewater project is closed according to Chad Eggen with Boonslick Regional Planning.
As for the FEMA/SEMA, the deadline of July 31 for the 2015 monies to be paid out has come and gone. The City is working with Eggen and representatives to finalize the FEMA/SEMA projects.
Also the Nutrijet project has received an extension until Jan. 1, 2020.
The budget discussion however is something that might be a little more difficult to fix.
Roper presented a list of income the city receives on an annual basis, things such as business licenses, income taxes, sales taxes, motor fuel taxes.
This revenue on average brings in nearly $84,000 a year to the city. Of course when their is revenue coming in there must be expenses going out.
On average the expenses for the City of Silex will be close to $95,000 a year. That’s $11,000 more than what the city brings in.
This also doesn’t count the nearly $67,000 in outstanding bills that have not been paid. The $65,000 in Payroll Taxes from 2018 through June 30, 2019 that had not been paid or the $12,000 in Sales Taxes for water/sewer that had not been paid.
There is also a bond issue from UMB Bank for $14,850 a year, a loan from the MO Development Finance Board for $10,082 a year, a General Obligation Bond ($18,737) and Sewer Bond ($28,893 from Peoples Bank and Trust.
While the Alderman are paying bills each month and now placing funds into the proper accounts the question on everyone’s mind is how long will the band-aid last.
During their most recent meeting the City was able to liquidate the Ford Truck as well as the Dodge Charger that was used by the police department. They were able to pay-off both loans through Peoples Bank and Trust.
Alderman Stuart Gambrill also discussed the idea of selling lots owned by the City of Silex within the ‘New Town’ area.