Floyd County commissioners reestablish CCD fund at 0.033 per $100

Floyd County commissioners voted unanimously April 1 to reestablish the county's cumulative capital development (CCD) fund at the previously approved maximum rate of 0.033 per $100 assessed value.

The reestablishment formalizes the county's prior intent and allows the CCD fund to be used for planned projects including county administrative building work and courthouse refurbishment, officials said.

County Attorney: "This is a reestablishment of the CCD fund, which was actually adopted ... in April 2023," the county attorney told the board, adding the fund would be reestablished "at that, max rate not to exceed that amount." The attorney said the full 0.033 rate had not been used initially because the state's Department of Local Government Finance set first-year rates at roughly half the intended amount.

At the meeting chair-level commissioner (name not specified) reiterated the board's plan for the money: "As long as I'm in this office, these funds are going for the projects, which include the administrative building and the county courthouse refurbishment." The commissioner said the money is held in a nonreverting CCD fund and that every penny to date had gone toward those projects.

Public comment included Joseph Moore of Georgetown Township, who asked whether the action was simply a recertification of last year's CCD rather than a new levy; a county official confirmed the action was a reestablishment at a higher rate.

The board approved the ordinance to reestablish the CCD fund by unanimous consent.

Looking ahead: commissioners said the fund will support decisions the board will make on whether to remodel existing county property, acquire and remodel downtown real estate, or build new facilities.