On Tuesday night, the council voted to send a two-page letter to county leadership outlining the city's need for an $800,000 loan. The request is an attempt to avoid filing for bankruptcy or defaulting on payments.
At the beginning of the year, the city hired a finance team to assist in balancing the books and budget, bringing the city out of financial ruin.
"With the state of financials the way that they are, it is very difficult for Isleton to find someone to lend them money, and so, we are hoping that our partners at Sacramento County find it in their hearts to invest in Isleton," said Bigby.
Over the last six months, Isleton has made lay-offs, asset sales, and restructured the fire department to run on a mostly volunteer basis to save money and stabilize the city's finances.
Bigby called the loan request the "best shot" and said that now it was up to Isleton to put their "best foot forward" as the Sacramento County Board of Supervisors is set to review the request.
The proposal from Isleton to Sacramento County is to extend the loan over a 10-year term to safeguard the city's cash flow and its long-term viability. They also requested a six-month deferral on repayments.
In its letter, the city said:
The City of Isleton is set to send the loan request letter to the Sacramento County Board of Supervisors by Thursday.
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