Regional Commission discusses $6M deposit and interest management for key projects

Rappahannock County officials are raising concerns over the management of a $6 million deposit held by the Northern Shenandoah Valley Regional Commission, which is currently generating about $20,000 in monthly interest. During the Board of Supervisors meeting on May 5, 2025, members discussed the implications of this funding, particularly as the county navigates a challenging budget season.

Supervisor Smith emphasized the importance of transparency regarding the funds, noting that Rappahannock County has a stake in the deposit, amounting to approximately $1.5 million. "In my house, that's real money," Smith stated, highlighting that the county could leverage this interest for critical projects, such as school roof repairs.

The discussion turned to the legal agreements governing the funds, with Supervisor Goff confirming that the county is entitled to the interest accrued. However, questions arose about when and how the county could reclaim its share. "Why can't we start to get it back now?" Smith pressed, advocating for a reevaluation of the policy regarding the distribution of interest.

The board agreed to place this issue on the agenda for next month, aiming to clarify the regional commission's policies and explore options for reinvesting the interest into local projects. The urgency of the matter was underscored by the potential for diminishing returns as the funds are utilized for their intended projects.

As the board prepares for further discussions, the focus remains on ensuring that Rappahannock County's financial interests are safeguarded and that the community can benefit from the funds generated through this deposit.