Leader Blues

Friday, December 22, 2006

EDITORIALS >> Cabotís Quick fix

Cabot officials have found a solution to the cash crunch the city found itself in this month: The city almost didnít make payroll last week, but a generous check from the state bailed Cabot out at almost at the last minute.

It still didnít look like Cabot would meet payroll next month and pay its bills, but the water and wastewater commission played Santa Claus this week and advanced the city $240,000 in a lump-sum payment that the commission previously has made in quarterly installments.

Eddie Joe Williams, the incoming mayor, proposed the advance when he realized the cityís coffers had run dry. He is determined to get the city on its feet financially and says an advance from the water and wastewater commission will not be needed next year: Heíll build a rainy-day fund the city can fall back on when income falls short of expenses, especially toward the end of the year.

We expect prudent fiscal practices from cities, but we donít always get them. Itís an encouraging sign that Mayor-elect Williams worked with other local officials and solved his cityís financial crisis even before he took office. Fiscal reponsibility is what Cabot residents can expect in the future.