As of January 20, 2012, the City of Prattville owes $405,284.14 to our vendors, most of which is 30-60 days old. 18% of the total is 60-120 days old and this represents software maintenance contracts that are being held until completion of the Information Technology assessment next week. While the amount owed in accounts payable fluctuates daily, this is the lowest the total has been in years.

The current amount owed to our community initiatives is $375,375.00. By the end of this week, all amounts owed that are 120+ days old will have been paid, bringing the new balance to $185,000. This new balance represents those initiatives that require new contracts. Those amounts will be paid once the City Attorney has drafted the new contracts.

A year ago, the combined amount owed in accounts payable and community initiatives was $3,162,697.47. We continue to make significant progress and appreciate the patience of our vendors as we have worked to eliminate the backlog and get current.