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Rochester Council approves tax‑anticipation line of credit to bridge December cash shortfall
Summary
The Rochester City Council voted to approve a tax‑anticipation line of credit to cover a shortfall in December cash flows, a short‑term borrowing tool city staff said will avoid tapping certificates of deposit and associated penalties.
The Rochester City Council on July 1 approved a tax‑anticipation note line of credit to cover a seasonal cash shortfall tied to the city’s property tax schedule.
City Director Sullivan told the council the short‑term credit would “bridge that gap for when you anticipate your property tax revenues to come in” and run for 30 to a maximum of 60 days, keeping the city from breaking certificates of deposit and losing months of interest.
The measure matters because Rochester must pay the county’s share of property tax on a fixed date each year even as the city’s tax bills and collections are moving later in December. Director Sullivan said the city sometimes needs to advance roughly $8.8 million…
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