Girard’s finances looking better for ’08

Girard’s finances looking better for ’08

GIRARD — City officials are happy to start the coming year in the black for the first time in 10 years, but with the potential closing of a major city business and coming financial demands, they say they must remain frugal.

City officials met with members of the state fiscal oversight commission, put in place to oversee finances in the city until the city emerges from fiscal emergency, to discuss the $300,000 surplus the city will reportedly have entering 2008.

Mayor James Melfi said city and state officials are pleased with the city’s progress.

“The bottom line is this, the city, in the general fund, has not had a positive balance since 1998, so when we start 2008, it will be the first start of the year in the black in 10 years,” he said.

Tempering that good news, however, is the announcement that Indalex Aluminum Solutions, from which the city collects about $300,000 a year in taxes, is likely to close its plant here because of a slowdown in new home construction nationwide.

About 300 workers would lose their jobs, starting in February, if the plant closes.

For the complete story, see Saturday’s Vindicator and Vindy.com.