Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Taxpayer asks why Charlotte County school sales‑tax fund is not earning interest
Summary
A member of the public told the board the local 1% sales tax approved in 2020 generated about $3.19 million and said roughly $2.59 million remained unspent as of July; he urged the county to invest the fund so it would earn interest and requested specifics on what projects were funded.
During public comment, resident Ramsey asked the Board of Supervisors to explain why the county’s 1% local sales tax revenue designated for school construction and renovation appears to be largely unspent and not earning interest.
Ramsey stated the 1% sales tax, approved by referendum on Nov. 3, 2020 and implemented May 1, 2021, has generated about $3,190,000; he said the local sales‑tax fund balance stood at roughly $2,590,000 as of July 31, 2025 and that he found no interest earnings credited to the fund in recent monthly reports or the county audit. He estimated that if the fund had been invested in the Local Government Investment Pool (LGIP) it might have earned in the range of $200,000–$245,000.
Ramsey asked the board to publicize what construction projects or renovations have been paid from the sales‑tax fund and to consider the stewardship question of allowing the fund to earn interest rather than sit idle.
Board response: staff and the treasurer previously reviewed packet materials and the director of finance confirmed the fund’s accounting; the board did not take immediate action but heard the request and may direct staff to clarify how the fund is being managed and what projects have been funded.
