City of Milan working to replenish reserve fund
MILAN, Tenn.- The city of Milan is working to replenish its rainy day fund after it is now down to a low of only $84 this month.
The reserve fund is different from the city’s budget, but normally has much more money on hand.
City officials blame it on paying out two lawsuits in two years, totaling more than $1 million.
Over the next month, officials said tax revenues should come in to ease the struggle.
“We knew we had an influx of money coming in after the first of the year, so we’re seeing that now and we feel confident that we’re going to be fine, and it’s not a panic situation for any of us here at city hall,” said Milan Mayor B.W. Beasley.
Mayor Beasley said the city has also put in place a hiring freeze and is asking all departments to review their budgets to try and save money and get the city back on track.
