By Mondo Times editors
Boulder Colorado USA
Posted on January 13, 2010 at 10:11am

The city of Van Wert Ohio spent a half-million more than it took in

-- Yet the city council's first meeting of the year is described by the local paper as being "routine."

The Van Wert Times Bulletin reported on January 13, 2010:

"While the Health and Safety Committee of the Whole meeting beforehand might have been a little more dramatic, the first Van Wert City Council gathering in regular session in 2010 was routine on Monday night.

City Auditor Martha Balyeat reported a negative cash flow of $598,441 in 2009, meaning the council spent that much more than they received in revenues, during the past year. She warned that type of position is not a good thing when discussing short-term expenses as opposed to capital expenses where a long-term asset is the result. This type of financial imbalance could leave the city's quick ratio at such a low mark that it could struggle to pay day-to-day expenses in the event of an emergency.

She also pointed out that nearly every category of collection was lower in 2009 including local taxes which were $504,007.40 less.

"I certainly do not want to repeat 2009," said Balyeat. "I would like to see some policies established as far as what percentage of prior year revenues are allowed to be appropriated." She went on to say that she would also like to see the council do more long-term planning, perhaps in the form of a three- or five-year plan, for example."

The full story:
http://timesbulletin.com/main.asp?SectionID=2&SubSectionID=4&ArticleID=156766&TM=42541.36

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