New Castle struggling with deficit

11:24 AM, May 13, 2013   |    comments
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NEW CASTLE, Colo. (AP) - New Castle is struggling to pay its bills and is using deficit spending to keep itself afloat during the slow recovery from the Great Recession. 

Finance director Lyle Layton says the town owes nearly $196,000 for the first quarter of 2013, but the situation is expected to improve by the end of the fiscal year when the town collects more revenue. 

Layton tells the Glenwood Springs Post Independent the town was able to arrange an early payment of roughly half of a $386,000 grant from the Federal Mineral Leasing District, which provides money paid by energy companies to the state to reduce impacts to the local economies where oil and gas drilling is occurring. 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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