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Valier staff flags $60,801.54 payoff discrepancy on fire engine loan
Summary
Treasury staff told trustees a prior payoff figure from FREDCO did not match actual obligations; the village refinanced the amount it was given with the State Bank of Whittington and will consult the village attorney and USDA to determine whether it must account for the $60,801.54 difference this fiscal year.
During the Oct. 27 executive session, staff member Chris Scroggins told trustees the village’s paperwork shows a $60,801.54 figure connected to a prior loan from FREDCO for a fire engine but that FREDCO did not supply the correct payoff amount before it dissolved.
Chris said the village refinanced the amount it was given through the State Bank of Whittington. He recommended recording the difference as a liability while he and the village attorney consult the USDA and other lenders to determine legal and fiscal obligations; he said he hopes to resolve the discrepancy and pay off the existing loan in March or April of the coming fiscal year.
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