Lake County may borrow from neighbor to plug gap - 13 WTHR Indianapolis

Lake County may borrow from neighbor to plug gap

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CROWN POINT -

Lake County officials may need a little help from their friends to close a 2013 budget shortfall.

Lake County Commissioner Gerry Scheub says he has talked with Porter County Treasurer Mike Bucko about borrowing up to $15.5 million to keep his county's spending at current levels.

The Times in Munster reports Lake officials are facing declining tax revenues and higher operational costs. They passed a balanced 2013 budget only by severely cutting spending and borrowing to make up the difference.

Porter County is looking for ways to invest $173 million it received from the sale of a hospital to a private health care firm. Changes in state law and a local ordinance allow it to loan money to other local governments for up to five years.

Information from: The Times

Copyright © 2012 The Associated Press. All rights reserved. This story may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

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