Stark County Auditor Kim Perez - says the county has a cash-flow problem.
KIM PEREZ: "We went from a $5 million, $6 million cash carryover down to a little over a $1 million cash carryover, so as the bills came in at the beginning of the year, we started borrowing money from our receipts from our tax revenue for our property taxes...."
And like anyone who balances a checkbook on what's coming, instead of money in hand... now Stark County can't meet it's obligations.
Some large creditors are exhibiting patience; but small businesses, daycares or landlords who count on county checks and often live paycheck to paycheck themselves - are clamoring for payment.
What cash the county `does have' must by law be kept for payroll and federal tax obligations, so Perez is asking the prosecutor's permission to float what's called an anticipatory note - effectively letting the county borrow it's own money until the end of this year.
The prosecutor has yet to rule whether that would be legal.
With more auto suppliers feeling the pinch of cuts at GM and CHRYSLER, the county auditor also worries that sales and income tax collections could fall further.
PEREZ: "it's gonna have a rippling effect, we just don't even know where that's gonna take us, or how bad it's gonna be on top of what we're already dealing with."
Stark County officials will get some relief starting in July, when a new quarter-of-a-percent sales tax hike takes effect ...But at least half that additional revenue ....is earmarked for a new 9-1-1 system.
