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Cass County flood sales tax fund at $11.7M; committee weighs diversion funding options
Summary
Committee was told the flood sales tax fund holds about $11.7 million in cash with roughly $9.7 million available; members discussed past shifts in how much is directed to the diversion project and the possibility of a short-term reallocation to strengthen the diversion’s finances.
An unidentified presenter told the Cass County Flood Sales Tax Committee on April 21 that the fund holds approximately $11,700,000 in cash, of which about $1.9 million is already set aside for previously approved projects, leaving roughly $9,700,000 available for other projects.
The presenter said the balance represents roughly a 20% increase over last year and that the fund’s balance has risen by about 16% annually. "We currently have 11,700,000.0 in cash in the fund to be utilized," the presenter stated.
Committee members reviewed the committee’s past allocation rules. Committee discussion noted that the split of collections has changed over time; the presenter said the diversion allocation moved from about 90% to roughly 94% for the diversion with 6% flowing to non-diversion projects, and members identified April 2019 as the approximate date of that shift.
Members also discussed the county’s estimated annual tax revenue and the practical amount available for non-diversion projects. One estimate offered at the meeting put total county tax revenue at about $20 million annually, meaning 6% would yield roughly $1.2 million per year for the committee’s use.
Several commissioners flagged a possible near-term discussion about temporarily dedicating additional funds for a two- to four-year window to bolster the diversion project’s financial model, contingent on a pending decision by the City of Fargo on a sales tax extension. No formal change to the allocation percentages was made at the meeting.
The committee did not take a final vote on funding policy changes; members asked staff to continue tracking projections and to bring specific proposals back if adjustments are considered.
