In a recent government meeting, officials discussed the county's pressing financial challenges, revealing a projected budget deficit of approximately $10 million. This shortfall has prompted the county to explore various funding options to avoid a repeat of last year's fiscal crisis, where bills were held and payments delayed.

Dave Bozzoni, who presented the financial situation, emphasized the urgency of finding a solution before the year-end deadline. The county is considering borrowing as the most viable option, despite the lack of enthusiasm for increasing debt. The discussions highlighted two potential borrowing methods: issuing a tax and revenue anticipation note or utilizing a leaseback arrangement with the redevelopment authority.

The leaseback option involves the county leasing a property to the redevelopment authority, which would then issue debt to finance the lease. This method is seen as more efficient, allowing the county to secure funds quickly without the lengthy court approval process required for traditional debt issuance. The county would guarantee the debt, ensuring that lease payments align with debt service requirements.

Bozzoni noted that this approach has been successfully implemented in other municipalities and could provide a timely solution to the county's financial woes. The county is currently in discussions with banks to negotiate favorable terms for this transaction, aiming to finalize arrangements before the anticipated cash shortfall in November.