Thursday, October 02, 2014
   
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The Tunica Times • P.O. Box 308/986 Magnolia Street, Tunica, MS 38676

Co. borrows $3 million for shortfall

Supervisors approved a resolution May 29 to close the deal on a $3 million loan from First Security Bank. County administrator Michael Thompson said the funds would partially cover a shortfall in operating revenue.

But confusion arose when Thompson said the county was projected to have a $9 million shortfall. The county is limited to a loan of 25 percent of the shortfall. Three million dollars is 25 percent of $12 million, not $9 million. That discrepancy was not explained during the meeting. Thompson also said that casino tax revenue was down $1.5 million in a $29 million fiscal year budget for the general fund.


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