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Pratt County reports closeout of longstanding Revolving Loan Fund; Department of Commerce to reallocate funds
Summary
County staff told commissioners the decades-old Pratt Revolving Loan Fund has been closed out; the county issued a final check and the Department of Commerce will issue a closing memo and likely reallocate funds to community facilities projects, though Pratt County may be ineligible for some programs due to higher median household income.
Heather (Speaker 3) told commissioners the Pratt Revolving Loan Fund — a long-standing county program — had a closing conference and the county issued the final check to the U.S. Department of Commerce to complete the closeout.
She said Department of Commerce staff will issue a closing memo and any guidance for the county moving forward and indicated the money returned to Commerce was likely to be used for community facilities projects across the state. Heather cautioned that Pratt County’s median household income has increased substantially since the program’s 1980s origins and that, as a result, Pratt County is unlikely to be eligible for many of the community facilities projects that Commerce may fund from recovered dollars.
No dollar amount for the closed fund was stated in the transcript. Heather said the county will follow any guidance Commerce provides once the agency cashes the final check and issues a closing memo.
The matter was presented as an informational update rather than an action item requiring further county votes during the meeting.
