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Belknap County finance projects modest 2025 surplus; TAN bid arrives at 6%
Summary
County finance staff reported a projected combined general fund and nursing home surplus and presented a TAN/bond update noting a tax anticipation note bid received at 6% and a $4,000,002.60 principal for planned borrowing.
Finance staff presented year-to-date fiscal projections to commissioners, saying the county is about 71% through 2025 and on track to finish with surpluses in several departments. The report noted a projected general fund and nursing home combined revenue surplus and an estimated fund balance near $5.28 million at year-end.
Key figures offered by finance staff included projected revenue and expense surpluses for different departments: the sheriff's office projected a surplus tied to fees; corrections had a deficit driven by lower-than-budgeted jail census; health and human services and nursing home revenue projections showed notable variances driven by invoicing and resident census. The nursing home reported collecting roughly 97% of billed receivables for January through August.
Staff also updated the board on a tax anticipation note (TAN) currently out for bid, reporting one bid received that day at an interest rate of 6%. The principal amount under consideration for borrowing was stated as $4,000,002.60. Commissioners asked for comparative historical interest rates and asked staff to provide prior borrowing interest figures at the board—s next meeting.
There was no formal vote on borrowing at this meeting; staff said they would review bids with the treasurer and return a recommendation for action when the bid process concludes.
