Petal deficit could top $1.8M
Published 9:33 pm Tuesday, April 14, 2009
The city of Petal’s deficit could top $1.8 million by the end of the fiscal year in September.
Doug King, an accountant brought in to consult Petal officials, said Monday night he based the figure on projections of revenues and expenditures for the city over the next six months.
On Thursday, the aldermen voted to cut $815,000 from the budget.
But King said further cuts are needed with the city projected to spend $300,000 more per month than it brings in.
Petal officials said the city got behind because of a $500,000 error made at the beginning of the fiscal year.
King said another avenue for the city is to borrow money from a bank and then levy a tax over the next year to make up for the shortfall.