The City of Quincy's Financial Status

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Some Quincy city commissioners are wondering if the city is in good standing financially.

There's a special meeting Thursday night at City Hall to reveal if the city is in red and what may be causing the problem. One of the topics up for discussion is the financial status of the city and payment to its electrical provider, Progress Energy.

The city manager will ask commissioners to use money from the reserve account to help pay their past due bills to Progress Energy.

The city manager is hoping to get the green light from Quincy city commissioners to transfer money to the general fund account. He says the city owes the electric company some $800,000 and is two months behind on payment.

Quincy City Manager Earl Banks says, "We now realize we should have gone into the reserve funds so we could maintain that float to make sure when the bills were slowly paid by citizens or something come up and we would have the money to pay for the large bills."

Banks says the commission had given him approval to use money from the reserve fund for other projects, but he did not use the money as planned.

"Instead of going into the reserve we used the money in our general funds to pay for the computer, which was about $600,000, and on the business park we used the general funds, which we should have gone into the reserve," said Banks.

Now commissioners will decide if the city will get the funds it needs to pay its debts in a timely manner.