The Caryville Board of Mayor and Aldermen were faced with a tough decision at Monday night’s meeting. With the economy continuing to slump, Caryville’s revenues have been down, resulting in a pile-up of bills. This forced Mayor Bobby Stooksbury to make the disheartening suggestion the town cash in on several CDs in order to catch up on bills.
“As bad as I hate to do this, we’re going to have to cash our CDs in to get all of our bills paid up,” Stooksbury said, explaining that Caryville had around $62,000 of bills which needed to be paid. While the town has been experiencing revenue loss since January, it has been in the last month the bills have “piled up,” according to Stooksbury.
Caryville has experienced revenue loss in both state income tax and local revenue tax. The total tax revenue is down by $22,000 for the past three months, according to Stooksbury.
Council members Chris Stanley and Glenn Smith opposed cashing the CDs, and asked if there was any alternative. Stanley suggested cashing one or two of the three CDs, leaving at least one remaining.
“I hate to see all of them go away,” Stanley said of the CDs which were appropriated several years ago from a land sale.
“I think we need to streamline some things and look deep at the next budget,” Stanley said.
“We’re at $62,000 (in bills) and that doesn’t include what we have to pay out in insurance and payroll,” answered Caryville Town Recorder Cheryl Ivey.
“We’ve got to pay our bills people-it’s that simple people. We don’t have a choice,” Stooksbury said.
Stanley asked if there was anyway to cut costs in man-hours.
“We’ve only 13 employees,” answered the mayor. “It wouldn’t help that much.”
“Well the city can’t continue this way, we’ve got to look for better grants. We can’t jump on every grant that comes down the pike. That’s the problem as I see it,” Stanley said.
“It’s not anything anybody has or hasn’t done to get us in this position. It’s like this everywhere, it’s not just us; it’s everybody all the way down from the federal government,” Stooksbury said.
“We’ve got to get ourselves even to go from there,” Stooksbury said, pointing out that the new budget would start in July.
“What if we put an amendment in the motion that if we cash these CDs in, then there’s no other spending other than for the essentials or emergencies,” suggested board member Vickie Heatherly.
The council passed the motion, with Smith and Chris Stanley voting no, and all other board members voting yes.
The total value of the CDs to be cashed in is $63,523. 56 and Caryville will receive the check within five business days.
“Sometimes you’ve just got to bite the bullet and do what’s got to be done; popular or unpopular,” Stooksbury said.