City of Terre Haute Running Big Deficits

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Back in May I posted about the City of Terre Haute being broke. It was more of a question due to the city having some troubles paying bills.

As of today, the city is moving closer to answering that question. Here’s a story evolving out of Terre Haute via The Tribune Star:

At one time or another, all have voiced concern about the city’s growing deficit cash balance, which sank to $8.9 million on June 30. But some on the council are far more worried than others, and their thoughts on what needs to happen to resolve it vary greatly.

“For years now, we’ve been spending more than we take in, and that’s getting us farther and farther into the hole,” he said.

“We started this year with a $5 million-plus deficit, and it looks like we’ll be closer to $7 million at end of this year.

“I think our financial position is bad and getting worse,” he said.

You can read the whole story here

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