The Piatt County Nursing Home will loan the county's main operating fund $170,000 to get it through until property tax revenue begins to roll in, probably by the end of the month.
The loan, approved Monday (July 6) by the county board nursing home committee, is to be paid back to the nursing home “on or before August 1 or upon payment of the property tax revenue,” according to a promissory note outlining the terms of the loan.
Available dollars to pay bills and fund payroll has come close to running dry in the county's main operating fund – the general fund – and the general corporate fund, a line item within the general fund used to pay a good chunk of county bills.
A decision was made last week to cash in the final $160,000 in general fund Certificates of Deposit to meet county payroll. The loan from the nursing home is needed to pay bills until property tax revenue begins to be deposited. County Treasurer Debbie Marshall said that revenue stream should arrive around July 27, or a week after the July 20 deadline set for property owners to submit their first payment. The second installment is due on Sept. 8.
Property owners were given extra time this year to pay real estate taxes to the COVID-19 crisis.
The motion at the nursing home committee meeting was to send the loan to the county board for its consideration this Wednesday, but County Board Chairman Ray Spencer pointed out the agenda for he monthly meeting had already been posted. Instead, the loan will likely be a part of claims approval at the county board level. Nursing Home and Maple Point Supportive Living payroll use that process, with payments being approved by the nursing home committee that are then listed on county board claims.