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Commissioners ask manager to research new economic development capital reserve after $100,000 receipt
Summary
Board discussed moving approximately $100,000 from general capital reserves into a new economic development capital reserve fund. Commissioners asked county manager to research pros, cons and transparency practices and return with recommendations.
Caswell County commissioners discussed creating a dedicated economic development capital reserve fund after staff reported the county received approximately $100,000 tied to the Firebird Cherokee project.
County manager Scott told the board that the funds currently reside in the general capital reserve fund per financial policy and that Commissioner Smith suggested moving them to a separate economic development capital reserve. The manager said separate capital reserve funds can reduce dependence on unpredictable funding and help support site development, land acquisition and infrastructure; he also cautioned that critics have said separate reserves can reduce transparency.
Commissioner Smith said she favored moving the funds so the county would have money available for projects as they arise, including land acquisition and site prep. Other commissioners asked whether placing the funds in a separate reserve would remove board oversight. The manager and Commissioner Ingram both confirmed the board could retain the right to vote on uses of money moved into a reserve.
The board asked the manager to research the pros and cons and to return with more information; commissioners specifically asked staff to review guidance from the North Carolina Budget and Tax Center and other best-practice sources. The manager said the item could be carried over to a future meeting and invited the board to let him know whether to carry it forward to July.
No formal action to create the fund was taken; the board provided direction for additional research and will consider a resolution or ordinance if it decides to proceed.
