The Corbin City Commission reversed course on a decision to pay off a $300,000 line of credit for the Corbin Arena, voting to use money from the city’s general fund to eliminate the debt.
At a special called meeting Thursday morning, the commission voted 4-0 to rescind the vote to withdraw the money from a CD in which the city held more than $1 million in reserves.
The commissioners had voted at the regular meeting on December 20 to withdraw the money.
However, at the same meeting the commissioners learned that the annual audit of the city’s finances showed the city finished the 2016-17 fiscal year with a surplus of $631,197.
“It is the best thing to do since we had the money,” City Manager Marlon Sams said when asked about the change.
At the regular meeting, Sams had informed the commissioners that if the money were withdrawn from the CD’s, there would be a financial penalty for early withdraw.
When asked what would prevent the city from being back in this situation with the line of credit from The Arena at this time next year, Sams said that after some trial and error, Arena Manager Kristi Balla is making good decisions on what acts she books.
“She is getting the right shows,” Sams said of Balla adding that he, along with Commissioner Andrew Pennington and Corbin Tourism Director Maggy Kriebel, have had several meetings with Balla since August concerning what events may work best at the facility.
The most recent announcement was up and coming country music artist Cole Swindell on March 24.
Approximately 1,000 tickets remain for the event, which is being promoted by Live Nation.
Balla has promised several more event announcements soon after the first of the year.