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Madison County supervisors weigh $4 million borrowing and 2-cent tax increase to fund pared-down capital plan
Summary
Supervisors reviewed a revised capital improvements list and finance staff outlined a plan to borrow $4 million supported by an initial 2-cent real-estate tax increase; board members trimmed several CIP items to reduce borrowing needs.
Madison County supervisors discussed a proposed capital-improvement package that county staff trimmed to reduce borrowing needs and recommended using $4 million in debt financing alongside a 2-cent real-estate tax increase to fund priority projects.
The matter matters because the county’s capital backlog and replacement needs exceed available pay‑as‑you‑go funds, and supervisors must balance maintaining a minimum unassigned fund balance while addressing building, safety and IT requirements.
County staff presented a revised joint school-and-county CIP that reduced the two‑year facility need to just under $2.2 million on the county side and about $2.687 million for schools. Finance staff said the combined total after revisions sits at about $4,887,100 before additional line‑item cuts. Jennifer (finance staff) told the board that drawing down a $4 million interim financing package would generate interest income while funds sit in the county’s SNAP account, and that Davenport (financial advisor) returned a financing scenario showing $4 million of debt could be…
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