Tuesday, September 30, 2014
County Officials Approve 2014-2015 Budget And Tax Levy
During a meeting Monday evening members of the Lawrence County Board of Commissioners approved a financial plan under which the county will operate throughout the 2014-2015 fiscal year.
The board voted to maintain the previous year’s property tax rate of $2.7386 per $100 of assessed property.
A letter to commissioners drafted by Director of Accounts and Budgets Teresa Purcell explains that the Budget Committee had been tasked with cutting some $1,286,337 from the General Fund budget. She explained that cuts were made in budgets for the ambulance service, sheriff’s department, jail, “And in a few other non-major categories totaling $589,000.”
Purcell reported, “Items necessary to add back to the budget were SRO (Student Resource Officer) positions totaling $150,000, a vacant investigator’s position in the sheriff’s department, and estimated holiday pay for deputies and sergeants, food service equipment for the jail, and Library janitorial services. These additions were approximately $275,927.”
Purcell reported that new revenue sources budgeted into the General Fund included TVA Revenue Sharing Funds of $400,000 and Wholesale Beer Tax of $90,000.
Purcell explained that cuts were made in other funds, as well. She said that, “This budget reflects reductions of the fund balances of the General Fund, Solid Waste Fund, General Purpose School Fund and the Highway Fund.”
She further informed commissioners, “Based on the County’s sound financial condition, strong reserve levels, and declining debt burden, Lawrence County retains a Moody’s bond rating of A1.”
An overview of the budget ordinance is as follows:
General Fund: beginning balance = $3,006,112, projected revenue = $14,303,226, projected appropriations = $14,831,450, ending balance = $2,477,888
Jail/Courthouse Maintenance Fund: beginning balance = $22,822, projected revenue = $16,530, projected appropriations = $16,175, ending balance = $23,177
Solid Waste Fund: beginning balance = $233,262, projected revenue = $1,490,677, projected appropriations = $1,588,991, ending balance = $134,948
Industrial Economic Development Fund: beginning balance = $327,040, projected revenue = $554,302, projected appropriations = $619,166, ending balance = $262,176
Drug Control Fund: beginning balance = $28,954, projected revenue = $26,810, projected appropriations = $43,375, ending balance = $12,389
Highway/Public Works Fund: beginning balance = $935,020, projected revenue = $3,961,160, projected appropriations = $4,696,720, ending balance = $199,460
Debt Service Fund: beginning balance = $2,737,539, projected revenue = $8,024,966, projected appropriations = $7,844,862, ending balance = $2,917,643
General Capital Projects Fund: beginning balance = $305,599, projected revenue = $150, projected appropriations = $175,000, ending balance = $130,749
Other Capital Projects Fund: beginning balance = $76,652, projected revenue = $21,007, projected appropriations = $21,007, ending balance = $76,652
General Purpose Schools Fund: beginning balance = $5,285,855, projected revenue = $43,569,730, projected appropriations = $45,315,401, ending balance = $3,540,184
Central Cafeteria Fund: beginning balance = $949,980, projected revenue = $4,047,250, projected appropriations = $4,047,250, ending balance = $949,980
Extended Day Care Fund: beginning balance = $38,357, projected revenue = $145,500, projected appropriations = $145,500, ending balance = $38,357
Total All Funds: beginning balance = $13,947,192, projected revenue = $76,161,308, projected appropriations = $79,344,897, ending balance = $10,763,603
