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Warren County to take $1 million tax anticipation note as revenues tighten
Summary
County officials said they will borrow a $1 million tax anticipation note to bridge cashflow until property tax receipts arrive and to preserve access to short‑term borrowing as other funding sources decline; commissioners approved the consent agenda that included the fiscal report.
Warren County officials agreed March 18 to use a $1 million tax anticipation note to cover short‑term cashflow needs and to keep the county’s borrowing option available in future years as other funding sources ‘‘are starting to dry up,’’ county leaders said.
The action was described during the county’s fiscal report, which was included on the meeting’s consent agenda and approved by the commissioners. The treasurer, Lisa Bar, and other staff told commissioners the TAN will bridge operations until property tax revenues arrive and that maintaining the TAN option is important because prior years saw a stronger market for such notes.
The county’s assessment office reported a high volume of appeals related to last year’s reassessment. The Director said staff heard 2,480 appeals at the local board level; 61 appeals were filed to court and, of the cases heard, 2,191 received some reduction in assessed value. Staff said they are coordinating with the county solicitor, appraisers and attorneys to resolve outstanding court filings.
Commissioners also heard a report on a $550,000 federal grant secured for the county radio communications project; Commissioner Josh said the USDA funds (recounted as coming via a senator) are earmarked for equipment. Staff said the county will continue to seek federal funding next year.
The consent agenda, which included the fiscal report and the minutes of the Feb. 18 meeting, was moved, seconded and approved by voice vote.
