On Monday, April 28th, an employee of the Treasurer's Office stated to the City Council that the City of Crest Hill had no reserve funds left. She repeated that it was all gone.
According to the Treasurer's Annual Report, had a cash fund balance of $2,191,273.03 on April 30, 2007. This report was published in the Herald News on October 19, 2007.
The city was budgeted to spend $1.1 million of the reserved during this past year. However, based upon the statements from the April 28th Council Work Session, it is clear that the deficit was twice what was budgeted. This is most likely the reason why the Treasurer's Office has refused to give projections for the entire fiscal year, which just ended.
The news is not going to get better by delaying it. I fear that the reason for the delay is that the news may be even worse than this. Has the City dipped into other funds to pay for general operating expenses? Have our increased water and sewer bills been going to fund other departments? Is this why the city refuses to release a capital plan outlining how the new water and sewer revenue is going to be spent?
These questions cannot be answered because the financial information is being kept secret, even from City Council members. It is time to shine some light on the financial situation of Crest Hill. Nothing positive can come from keeping everyone in the dark.
