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SHEPHERDSVILLE - Like the national economy, the recovery for the city of Shepherdsville will be a slow one.
However, Shepherdsville officials voiced a bit of relief on Monday as they were able to get a majority of their bills up-to-date.
Facing a projected $4 million shortfall, primarily in the sewer department, a bond issue and some borrowing from the bank and other entities has assisted in paying off most of the old bills.
With $116,000 left from a bond issue conducted recently, councilman Larry Hatfield said the city needed to pay the $108,000 owed to QK4 engineering firm.
While the company has not pressured the city to make payments, Hatfield said the firm is due the money and it should be paid.
The council unanimously agreed to pay all the sewer bills, including QK4, and will catch up all the old debts.
The money is a little tighter in terms of the general fund.
With the revenue from the occupational taxes and insurance premiums flowing in, things will dry up for the next several months, cautioned mayor Scott Ellis.
As part of the cost-cutting, the latest casualty will be the coffee and tea service from John Conti. Ellis said that would be stopped immediately.
Instead of paying all the general fund bills, the council opted to pay two bank notes and the health insurance premiums.
The rest will be turned over the finance committee to consider and make recommendations.
Councilmember Bonnie Enlow said the city would just have to continue to tighten its belts. Hatfield said he was worried about making future payrolls.
Consultant Marty Brown of Public-Finance.com said the second phase of financing was coming along with a bond sale by the end of August predicted.
The city will need about $3.5 million to complete the interceptor sewer line along the river.
Right now, there is a good market for the bonds, said Brown.
One rumor councilman Bernie Brown has heard is that the city had borrowed $7 million.
To date, the city had a bond issue of $2.6 million, according to Marty Brown.