NORWOOD, Ohio - A Norwood city councilman is warning that 2013 could be a rough economic year for the city.
9 On Your Side obtained a memo sent out Friday from Norwood City Councilman Keith Moore to department heads and elected officials.
Moore, who is chairman of the Finance of Claims Committee, said the city will need to pull roughly $3.5 million from other areas if they are unable to find a purchaser for their Tax Anticipation Notes or refinance their long-term bond debt.
The sum of money needed was described by Moore as a “huge amount of money” given the city’s current financial problems.
Moore said there may be “no funds available for purchases or contractual expenses.”
He wrote in the memo, "…2013 will still be a difficult year. We have over $1 million in late bills we carried over from 2012. We can expect major cash crunches in March and June that may delay payroll…Hope for the best, but prepare for the worst."
This isn’t the first time Norwood has faced financial hardship. In September the city was five days late with payments to city workers.
At that time Mayor Thomas Williams told 9 On Your Side he was working with the police and fire department unions to cut costs. He said he hoped new businesses moving to Norwood would boost tax income enough to replenish the city’s “rainy day fund.”
Officials from the city of Norwood were not available for comment on Friday.
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