County finance officer reports roughly $1.56 million combined surplus; county may need short-term borrowing in October

Laurie Sharp presented the countys midyear financial update to the Board of County Commissioners, saying revenue and expense activity to date point to a combined general fund and nursing-home surplus of about $1,563,007.95. "The total general fund in nursing home revenue surplus combined is $1,164,633," Sharp said, and added that the combined revenue and expense surplus increases the fund balance by the larger figure.

Sharp told commissioners the county is currently earning about 4.22% on deposits and anticipates an interest surplus of about $140,000. She said the corrections department currently anticipates a deficit tied to a lower-than-budgeted jail census and lost work-release revenue. Other departments showed projected surpluses driven by open positions or lower-than-expected project costs.

Why it matters: Sharp said the countys cash position is $3,592,413 and that the county may need to borrow in early October; the projection shows a cash deficit around the fourth week of October if current patterns continue. Sharp said receivables collection remains strong at about 98% of billings.

Discussion vs. decisions: Commissioners asked about timing for the next bond/bid and whether interest-rate movements might affect borrowing plans. Sharp said she would consult bond counsel and report back. No formal borrowing motion or vote occurred at the meeting.

Ending: Sharp said she will follow up with bond counsel about possible rate changes and will contact the relevant vendors and departments as required to prepare for anticipated borrowing in October if needed.