Park district to seek loan from private bank
By LESLIE BROWN
Vashon-Maury Island Beachcomber Editor
January 3, 2012 · Updated 12:36 PM
The Vashon Park District will not borrow money from King County but will instead look to a private bank this week for a loan, according to Jan Milligan, the agency’s executive director.
The loan, called a “tax anticipation note,” is something the district often gets to tide the agency over until tax revenues begin to come in after April 30. Even so, Milligan said, she’s not taking the loan for granted, as such notes are not routine for most public agencies.
“If we get that, we’ll be in pretty good shape. If we don’t, we’ll be making some pretty big cuts to survive,” Milligan said.
The park district continues to get revenue from its classes and programs, another source of money that is helping the district stay afloat, Milligan said. “We do have some income,” she said.
Meanwhile, the park district has yet to pay some of the Vashon-based contractors who worked on its fields project in August and September, a source of unhappiness among some of them, Milligan said.
“We have half a dozen outstanding bills. … Unfortunately, they just have to wait. They’re not happy. … They’re being as patient as they can be,” she said.
Kevin Bergin, one of the contractors who is owed money, said he’s frustrated with the park district.
“I’m not happy. I’ve got an attorney on them … We’re just going back and forth,” he said.
The park district’s five commissioners are holding their annual retreat from 5 to 9 p.m. Sunday at the park district’s offices. The next board meeting is 7 p.m. Tuesday, Jan. 10, at the main office. The board is expected to pass its 2012 budget at the meeting.
Contact Vashon-Maury Island Beachcomber Editor Leslie Brown at firstname.lastname@example.org or 1-206-463-9195.