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Washington County approves short-term borrowing plan, interfund transfers to cover payroll and insurance shortfalls
Summary
County officials approved seeking a six-month $15,000,000 tax anticipation note and authorized interfund transfers and budget amendments to cover payroll, self-insurance shortfalls and additional program bills. Key funding moves were approved by voice vote; some dollar figures in the record were unclear.
Speaker 1, an unnamed county official, told the governing body the county could secure a six-month tax anticipation note for $15,000,000 and outlined why the borrowing was necessary to manage near-term cash flows. "So the best I could do was 15,000,000 for 6 months," Speaker 1 said, and explained legal constraints against borrowing to invest (arbitrage) and that the county expects its largest cash inflow in April when towns turn over payments.
Speaker 1 also detailed expected costs tied to the borrowing: the transcript records an interest estimate of about $152,003.72 and separate issuance costs, and Speaker 1 said…
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