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Fiscal court adopts FY2024–25 budget and authorizes $6 million CD using ARPA funds
Summary
The court completed second reading and approval of the FY2024–25 budget and authorized the treasurer to place $6,000,000 in a three‑month certificate of deposit (ARPA funds) to improve investment earnings; magistrates discussed conservative revenue assumptions and planned mid‑year amendments.
The Franklin County Fiscal Court completed the second reading and approved the fiscal year 2024–25 budget and authorized treasury actions intended to improve short‑term investment returns.
Treasurer Amy presented the budget’s second reading and told the court she had submitted the changes to the Department for Local Government; she said the jail revenue estimate was conservative because the jail will not be at full occupancy at program start and that the county can amend the budget later if inmate revenue increases.
Amy also requested authorization to open a new three‑month certificate of deposit for $6,000,000 of ARPA funds based on guidance from the county’s financial advisor (CashFest). She said the three local banks she queried offered competitive rates and that CashFest reviewed the approach. The court voted to authorize the treasurer to open the CD.
Magistrates discussed the county’s revenue position, some line‑item negatives that will be addressed in upcoming amendments and the need to account for opioid settlement proceeds held in contingency. One magistrate noted the county had posted more revenue than budgeted in some lines and that additional receipts (park revenues, county clerk receipts) were still pending posting.
Court members approved the budget ordinance and the CD authorization by roll call during the voting session; members asked staff to present a summary of pending revenue and the first amendment at the next meeting.
