There are signs that the town of Roseland has finally reached the end of its financial rope.
According to Clerk/Treasurer Cheryl Gridley, the town’s bank account will essentially be empty come Monday.
Three weeks ago, Roseland came up with a plan to avert the cash crisis.
That plan called for borrowing money from a bank.
The problem is that Roseland has yet to find a single bank that is willing to make such a loan.
Some feel it is time for Roseland to come up with a “plan B.”
“I don’t think anybody said we’re going to be bankrupt,” said Town Councilman David Snyder, “the town has too many assets to be bankrupt.”
Snyder proposed that Roseland sell its town hall to raise some cash.
He suggested that the town then lease the building back from the new owner.
Snyder also proposed selling Veteran’s Park in order to bring in money.
Snyder was joined today by Clerk Treasurer Cheryl Gridley who suggested layoffs in the Police Department would be appropriate.
“Definitely, we need to cut back on the police force,” she said. “We have two and a half square miles here and they’ve been running two full time officers from 8 p.m. until 4 a.m.”
Gridley called that level of staffing, “overkill.”
But not everyone is taking Roseland’s recent rejection at the bank so hard.
Councilman Charley Shields thinks Roseland should simply keep applying for loans, and hoping for the best.
“I don't want to discount the fact that our employees,” he said, “I'm confident they'll cooperate 100-percent and if that means working on a deferred wage situation, I fully believe they will do it.”
In the meantime, the town is applying to the Indiana Bond Bank for help.
The bottom line is, the town that is set to run out of cash next week, will do so with some $65,000 worth of unpaid bills in hand.
Roseland’s Town Council is expected to meet Friday June 22nd at 6:30 p.m. to further discuss its fiscal problems.