TAYLORVILLE, Ill. (WICS) - — There's a new eye-opening financial audit report in Taylorville.
"I was a little bit shocked about it," said City of Taylorville Mayor Bruce Barry.
During a city meeting earlier this week, an independent audit revealed the city is in a deficit of $430,000.
"Basically it was a timing issue," Mayor Barry said. "But, we did overextend ourselves. We bought some stuff we probably shouldn't have."
City leaders approved the purchase of three police cars, new radio equipment for the fire department, and a $70,000 pledge to develop Taylorville's TIF district.
"It really put to life that we need to watch our expenditures," Barry said.
Barry said sales tax revenue is sinking as more people are moving out of the city.
"People are going to go where they can find work," said Charles Shanks, a 50-year resident of Taylorville. "Its going to take some time to straighten it out, as far as I'm concerned."
Mayor Barry said the City of Taylorville is waiting on money from the state motor fuel tax to level the budget out. He says the city is owed about $400,000 for that tax and is expecting to renegotiate utility contracts.
"Working on new franchise with the utilities and we haven't received a payment for about $60,000," Barry said. "We did spend money that we should've tried to spend better or work it out a little differently, I think we'll be back on course next year."
The HSHS Medical Center and a Steak N' Shake restaurant are moving into Taylorville's business district.
City services will remain unchanged.