Councilors heard from City Manager Chad Cole about the city’s finances for the first quarter of the current fiscal year, July 1 through Sept. 30.
“We are in the hole about $7.7 million,” Cole told councilors on Nov. 9. “We are not bringing in enough revenue to cover expenditures.”
Currently, revenues are higher than expected but so are expenditures. He read a list of negative amounts that included the Water and Solid Waste departments as well as South Park Cemetery.
“Not the news anybody wants to hear,” he commented.
—Roswell Daily Record
