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Council approves mechanism to divert property‑tax interest into general fund; estimates about $340,000 for spring
Summary
Councilors instructed staff to divert interest earned on property tax receipts (the period between collection and distribution) into the general fund until a computed target is reached; staff estimated roughly $340,000 for the spring distribution.
Madison County finance staff explained and the council acknowledged a mechanism to divert certain interest earnings from property tax collections into the county’s general fund. Staff said the interest arises between the last day of property tax collection and the date the county distributes levies to local taxing units.
Why it matters: County staff said some of that interest revenue was always intended to be credited to the general fund. The move is intended to recapture those sums and to help…
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