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Washington County CFO warns of cash shortfall and possible delay of retirement payment
Summary
The county chief financial officer told the Board of Supervisors that cash on hand is roughly $7.7 million lower than a year ago, sales-tax reconciliation payments are down and the county’s annual retirement bill arrived at about $6.2 million; she said she may defer the December retirement payment until February to avoid short-term borrowing.
Washington County Chief Financial Officer (staff member) told the Board of Supervisors the county’s cash position has deteriorated and that the county may delay its usual December retirement payment until February to avoid short-term borrowing.
The CFO said, “My cash position is $7,700,000 worse than it was the same time last year,” and described a larger-than-expected retirement invoice for the county of “$6,200,000,” which she called “the biggest bill I’ve seen in my career.” She said state-provided reconciliation payments and a drop in sales-tax returns contributed to the shortfall, and that the state’s retirement-rate increases — including higher rates on “tier four” and “tier six” categories — are driving higher county costs.
The CFO said the December 15 early-payment discount…
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