Guichlen County reports strong cash position while exploring early payoff of TCSD debt

Guichlen County officials told the Board of Supervisors at a work session that the county is in a strong cash and fund-balance position and outlined options to accelerate payoff of a neighborhood tax district debt that currently drains the general fund. County finance staff said the unaudited fund balance will be about $65,000,000 at year end and described pots of money available for capital projects and debt payoff.

Why it matters: Paying the tax-district debt early would remove an annual transfer that has ranged recent years between about $2.8 million and just under $4.0 million, freeing money that could be used for county operations or capital projects. Board members discussed whether to use new revenue from economic development to retire that debt faster, or to convert part of it to countywide debt so the whole county shares the cost.

Carla, a county finance staff member who presented the numbers, said the county is “in a very strong cash position right now” and that the unaudited fund balance at June 30 is projected at about $65,000,000. She told the Board that about $32,000,000 of the county’s fund balance is…