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Bradley County trustee says county finances ‘excellent,’ outlines tax relief and investment details
Summary
Bradley County Trustee delivered an annual financial report saying county finances are strong, outlined partial-payment and tax-relief programs, noted a rise in sales and property tax revenues, and described investments and banking arrangements that produce higher returns for county funds.
Bradley County Trustee delivered the office’s annual financial report at the commission work session on Sept. 8, saying county finances are “excellent” and outlining programs designed to help taxpayers, revenue trends and the county’s investment strategy.
The trustee told commissioners that partial-payment programs allow taxpayers to spread property-tax payments over 12 months or to begin payments when tax bills arrive through February, and that enrollment in those programs has increased. He said the county’s rollover estimate from partial payments was about $630,000 and called the program useful for county cash flow.
The report described two taxpayer assistance programs. The state tax-relief rebate program, the trustee said, distributed $304,922 to Bradley County taxpayers this past year. A local tax-freeze program also was discussed; the trustee said residents who were already enrolled remained protected from increases, but new enrollees would be frozen at the new tax base going into 2025. He urged residents to contact the trustee’s office for enrollment details.
On revenue, the trustee reported year-over-year growth: he said collections rose from roughly $38.2 million in 2007 to about $51.9 million last year and $53.2 million this year, and that “new money” or growth this year amounted to about $1.3 million after reappraisals and adjustments. He noted sales-tax receipts increased across the county and municipalities and that most local jurisdictions benefited from the rise.
The trustee summarized the county’s investment and banking approach. He said long-term investments total about $30 million and that the county’s banking contract with Pinnacle Bank runs through 2027 and pays 10 basis points above the federal funds rate on county operating accounts. He described an investment policy tied to the federal funds rate and said the county has consistently met or exceeded the policy benchmark.
The trustee also described HCI (a locally administered fund) availability, saying approximately $652,000 will be available for spending this year after accounting for required set-asides. He reported $15.2 million in excess fees have been returned to the county over his tenure and credited staff and outside advisors for managing investments and cash flow.
He promoted electronic billing and payments, saying the trustee’s office processed 19,728 electronically delivered tax bills in the past year, collecting about $5.2 million through online/mobile channels — a 5.16% increase from the prior year.
Commissioners asked follow-up questions about interfund county loans, their original terms (the trustee said they were initially 20-year loans), and how loan rates are adjusted (once per year on each loan’s anniversary). The trustee said staff use a formula tied to the federal funds rate and municipal loan rates to set annual adjustments. He also said several interfund loans remain outstanding and that paying them down frees funds for higher-yield investments.
The trustee closed by encouraging commissioners to help publicize the tax-relief and tax-freeze programs and offering staff contact information for taxpayers with questions.
