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Franklin County officials are considering a proposed tax anticipation warrant as a way of making up for some of the revenues lost to the ongoing COVID-19 pandemic.
'We need some cash infusion pretty quickly," County Treasurer Steve Vercellino said during a recent board meeting, where the subject of allowing the county to borrow against anticipated tax revenue was first broached.
With Gov. J.B. Pritzker’s stay-at-home order having forced many businesses to close or only operate in a limited capacity, authorities are also hoping that federal stimulus money designated for local governments will soon be made available.
Board member Larry Miller said much more needs to be done to put the county on strong financial footing.
“We've not made any adjustments whatsoever,” he said, adding that reductions in personnel would be needed if savings couldn't be found to make up the tax shortfall.
County Board Chairman Randal Crocker was even more direct, bellowing “I think it's time we start implementing some furloughs.”
In Williamson County, authorities find themselves in a similar situation, with county officials recently furloughing nearly 50 employees in hopes of balancing a tax revenue shortfall from the coronavirus.
Board member Ron Ellis said the choice was to furlough employees now or make up the lost revenue next budget year with budget cuts and layoffs in hopes that any shortfalls wouldn’t impact the county’s reserves.
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