Justices of the peace on Monday created a reserve fund for tax monies exceeding what the county treasurer projects.
At the behest of Justice Darrin “Spud” Buscher, the Clark County Quorum Court unanimously approved an ordinance establishing the fund. Buscher explained that the fund includes revenue not part of the budget and could be used as a reserve for capital improvements and emergencies.
County Judge Troy Tucker called money in that fund “out of sight, out of mind until needed” by the court. “As long as revenues are coming in over what the treasurer has projected, those funds will be set aside for any other purpose,” Tucker said.
The judge said first quarter revenues are expected to exceed Treasurer Karen Arnold’s projections by $121,400. The court will transfer surplus tax collections to that fund on a quarterly basis.
In a separate portion of the meeting, Arnold reported the latest monthly economic development sales tax collected were $171,400. After bond payments the Economic Development Corp. of Clark County received $141,500. The EDCCC has an overall balance of $7.3 million, Arnold said.
Categories: City & County