Davenport tells Madison County supervisors they are in strong financial shape but must plan for $20M in potential capital needs

Davenport & Company, the county—s financial advisor, told the Madison County Board of Supervisors that the county has posted several years of positive fiscal results but faces a choice about how to pay for roughly $20 million in newly identified capital projects.

Kyle Alex of Davenport said the county—s general fund and unassigned fund balance are in healthy condition and that Madison has seen steady revenue growth, especially outside of property tax: "Sales tax has actually been growing on average 12% a year," he said. "Hotel and motel has actually been growing on average at 26% a year." Alex said Davenport—s review showed median household income growth in Madison outpacing state and national averages over the last five years, and that the county—s assessed-value-per-capita and fund-balance ratios compare favorably with peers.

Davenport reviewed the county—s debt profile (about $21.4 million in fixed-rate debt) and…