KXO RADIO - Financial crisis affects on the County

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Todays is : Friday, 03 September 2010

Written by George Gale
Thursday, 02 July 2009
(County assessing fiscal damage)…The Governor has declared a fiscal emergency. The declaration came after the state entered the new fiscal year without a budget. Officials in Sacramento said the state might be paying its bills with I.O.U.’s. Imperial County Executive Officer Ralph Cordova says he and his staff are still exploring the full impacts of the state sending out I.O.U.’s. He said it will have a huge impact on the Counties cash flow, but the full impact is not yet known. Cordova said the state has said some programs will be paid for and some will not. The CEO said Thursday morning the County should be good for a couple months. He said the County does have some reserves, and he says the state normally pays in arrears. He said there is a 35 to 60 day lag after the state is billed. Cordova said paying with I.O.U.’s would affect new billings. Cordova plans a complete report at Tuesday’s Board of Supervisors meeting. He said that fiscal report is scheduled for 11:00 am. The Supervisors meet in the County Administration Building on Main Street in El Centro. The Board convenes the meeting at 8:30 Tuesday morning.