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Helena treasurer reports $4.4 million in known claims; city begins payment plan for Lotfi debt
Summary
Treasurer and staff presented a consolidated list of known claims totaling $4,406,874.66, reported $561,018.71 paid since July 1, and said the city entered an 18-month payment plan with Lotfi; council discussed payroll reductions and other steps to reduce overall liabilities.
City finance staff presented a consolidated accounting of known claims and a plan to reduce the city—s liabilities.
Treasurer staff summarized the council packet that lists known claims totaling $4,406,874.66. The treasurer—s supporting sheets show $561,018.71 paid since July 1. Council members said earlier estimates of around $4 million had been revised upward during the review process.
The city has negotiated an 18-month payment plan with Lotfi; the first payment was made during the reporting period and 17 payments remain. The treasurer and council said a hold on the city's turn-back funds will be released once Lotfi is fully repaid; the city will use a coordinated approach to repay the Lotfi balance while managing cash flow.
Council members described a program of payroll reductions and daily cost monitoring to bring the city—s known claims down; the chair said, based on current projections and planned steps, the city could enter January below $4 million in known claims. The chair thanked city staff (named in the transcript) for working long hours to compile the financial materials and for helping to implement the plan.
