Vernon Financial Troubles - Newschannel 6 Now | Wichita Falls, TX

Vernon Financial Troubles

Vernon Financial Troubles

Vernon city leaders met with concerned citizens to address financial shortfalls brought to light by a recent audit.

The city has a deficit of nearly $605,000.

Vernon legally transferred employee benefit funds to the general fund without approval or knowledge from city commissioners.

The city trust for the employee fund is made up of four members, including the soon to be retired City Manager Mitch Grant.

Vernon now owes it's employee fund roughly $948,000. The city is in the red, accountant Michael Edgin is warning that the city implement a hiring freeze, and not take on any more debt by borrowing money. Edging suggested not only raising taxes as a way to get out of debt, but also to increase revenue for the city which has made less than what it is currently spending.

Vernon is expected to make an amendment to the current Employee Benefit Fund that would call for the commissioners to be briefed and vote in favor of any future financial moves from the fund.

Jack Carney, Newschannel 6

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