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Cowlitz County capital-improvements fund buoyed by one-time REIT payments; major CIP spending expected later this year
Summary
Finance staff told commissioners the capital improvements fund showed one-time Real Estate Investment Trust (REIT) windfalls tied to ownership transfers, while $5.9 million in capital projects are budgeted with most spending expected later in the year.
Cowlitz County finance staff told the Board that the capital improvements fund is on track but shows volatility from one-time real-estate related payments.
"It has taxes that's budgeted at 1,025,000," Kathy Funk Baxter said, and noted actuals through the reporting period were $620,002.71. Baxter attributed April's higher-than-expected receipts to a WestRock ownership-transfer refund she described as a one-time bump: "that alone contributed about $226,000 to the fund."
Finance staff showed…
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