In November, Northampton County Council approved an emergency ordinance authorizing the County to borrow as much as $50 million so that the County can continue providing human services during the state budget crisis. Fiscal Director Jim Hunter quickly cemented a line of credit with Lafayette Bank at under two percent, but he just might avoid having to tap into it.
At their January 7 meeting, Hunter told Council that the County finished the year with about $3 million available. But to meet a $3.7 million payroll, as well as $2.6 million in accounts payable, he expected that he would have to start borrowing that Wednesday. But on Tuesday, money from the state began to trickle in.That trickle became a cascade on Wednesday, with $14.5 million from the state in just two days.
The state never sent word that the money was on its way. It just was suddenly there.
Whether this continues is anyone's guess. But as Hunter told Council, "The note is in place if we need it."