Hope Creek is sinking further into debt as Rock Island County leaders look for solutions.
Rock Island County Treasurer Louisa Ewert said the nursing home had to borrow $150,000 to cover the three payrolls this has this month. She told the county board that pushes their loan from the county over the $3 million mark at Wednesday night’s committee of the whole meeting.
This news comes while Hope Creek is in the middle of an audit. The goal is to see how and if they county’s senior housing facility can make more money.
County auditor April Palmer told the board expenses are down at Hope Creek, but revenue is down even more. She said the facility overspends about $185,000 each month.
Palmer said Hope Creek won’t be able to pay back that debt if it keeps operating as is.
County administrator Jim Snider said the latest numbers are sobering.
“I think the reality is we have a big financial challenge to overcome. We have a lot of vendor debt. We have quite a bit of debt that we have to our inter-fund area,” Snider said. “It’s going to take a big shovel to get out of this.”
County board members brainstormed about starting a non-profit foundation to help fund Hope Creek. Snider told them that’s an option, but they’ll have a better idea of what might work when the audit is done.
Right now the audting firm is looking through nearly 4,000 pages of documents about the home. Next month, the firm will make three visits to Hope Creek. The first draft of their results will be ready in May.