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Comptroller sets deadlines for Jellico’s finances

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JELLICO—The town is one step closer to its debt-consolidating funding bonds, according to a letter from the comptroller’s office.

“Our office has seen improvement from the Board of Mayor and Alderman in its financial oversight of the city of Jellico. Necessary steps to reverse the city’s financial decline have been taken,” Sandra Thompson, director of state and local finance, wrote in a Jan. 3 letter to the town.

The final steps before getting the bond include completing the elected officials academy slated for this weekend, as well as agreeing to provide paperwork and documents to the comptroller’s office.

Those dates are as follows:

Jan. 30: A statement defining the city’s plans to provide adequate training to the city recorder.

March 1: A statement describing the city’s plan to produce accurate and reliable financial reports.

March 1: A 12-month cash flow forecast for the general fund including methodologies for deriving revenues and expenditures.

May 1: A balanced budget for fiscal year 2015 (that does not use fund balance) to be presented to this office before it is passed by the board.

The city must create a dedicated debt service fund for the repayment of the funding bonds and allocate a sufficient amount to cover the interest and principal of the bonds. The fund needs to be established and budgeted for in the fiscal year 2015 budget to be submitted for pre-approval.