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Legislative auditor warns Yankton County that transfers and mandates could exhaust reserves
Summary
A Department of Legislative Audit official told residents and county leaders that transfers out of the general fund and state-imposed duties are squeezing Yankton County's finances; the county faces a multi-million-dollar gap and must consider using reserves, cutting services or seeking legislative relief.
Jeff Schafer of the South Dakota Department of Legislative Audit told a Yankton County public meeting that the county's general fund is only one of several funds and that large transfers to other funds can rapidly reduce cash reserves. "Anything over 1,100,000.0 will reduce your cash balance," Schafer said, advising that the county's recurring revenues grow much more slowly than many of its costs.
Schafer said the county treasurer collects taxes for multiple jurisdictions on a single bill and then distributes shares to schools, cities and townships. "By state law, the county treasurer is charged with collection of all taxes," he said, noting that the county must nonetheless pay for the cost of collection and…
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