Outlook Bleak For CCNO If Toledo Defaults This Week

Just days before the city of Toledo’s fourth-quarter pay­ment is due, CCNO offi­cials had to take a sort of dooms­day look at some worse-case sce­nar­ios on Fri­day if Toledo can’t pay up. It was dur­ing a spe­cial meet­ing at the Henry County Emer­gency Oper­a­tions Cen­ter, and CCNO’s board mulled over Toledo’s recent announce­ment that it may not be able to make its $1.4 mil­lion pay­ment, due Thurs­day. Two sce­nar­ios — each based on Toledo not mak­ing its fourth-quarter pay­ment — were pre­sented Fri­day by CCNO offi­cials. “Sce­nario A” envi­sions that CCNO could oper­ate until about Dec. 1, when it would face $2.6 mil­lion in ter­mi­na­tion costs. “Sce­nario B” pro­poses reduc­ing the inmate pop­u­la­tion to 174 begin­ning Thurs­day and lay­ing off 81 employ­ees. With $2.2 mil­lion in oper­at­ing expenses and $1.2 mil­lion in ter­mi­na­tion costs against $2.5 mil­lion in rev­enue, this sce­nario would leave CCNO with a $900,000 short­fall, forc­ing the above imme­di­ate cuts before clos­ing toward the end of Novem­ber. Some are still hop­ing for a res­o­lu­tion before Thursday.

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