County needs cash

$1.5M loan needed or Belknap County will run out of money by Dec. 17

By ROGER AMSDEN, LACONIA DAILY SUN

LACONIA — Belknap County will run out of money by Dec. 17 unless it borrows an additional $1.5 million in revenue anticipation funds.

Commissioners discussed the matter at their Sept. 20 meeting after having been informed by County Administrator Debra Shackett of the projection that more funds would be needed for the last few weeks of the fiscal year. The county has been authorized to borrow as much as $10 million but she said it was advised by its bond counsel that it should borrow only as much as was needed, which at that time of the initial borrowing was $8.1 million.

County Commissioner Glen Waring (R-Gilmanton) said it was a timing issue and that was the most that the county could borrow at that time.

He said the need for more money has been brought about by the county spending down its cash reserves at a faster pace than it has in recent years.

Commissioners agreed to have Shackett discuss the additional borrowing with the Bank of New Hampshire and obtain the best available rate.

County Commission Chairman Dave DeVoy (R-Sanbornton) said the additional borrowing will require an increase in the amount being sought in a budget transfer which will need approval from the Belknap County Delegation's Executive Committee. The committee earlier this year decided to hold off taking action on a budget transfer request to cover additional borrowing costs.

DeVoy said he expects that the request will be brought before the committee when it meets on Oct. 11.