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Auditor paints a not so rosy financial picture for Oglesby

Posted by wlpo on September 9, 2015

Tough decisions are on the horizon for the city of Oglesby.

At Tuesday night’s city council meeting, Joel Hopkins with Hopkins and Associates presented the council with its 2015 Fiscal Year audit. Last year, Oglesby finished with a deficit of around 2.5 million dollars. Since 2010, the city’s cash balances have dropped from over 6 million to about 1 million.

Hopkins suggested the city should put an operating budget in place and transfer funds around to ease the deficit. Hopkins says the city needs to either raise revenue or cut spending.

City Attorney James Andreoni says the city didn’t have many options when it came to raising revenue, pointing out that the city has maxed out its tax levy and the uncertainty of city’s share of the state income tax due to the budget impasse in Springfield.

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