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Treasurer Dan Baston: past interest allocations to redevelopment fund lacked council authorization; council pauses payments
Summary
Treasurer Dan Baston told the Morgan County Council that past methods for dividing bank interest improperly allocated funds to the Eagle Valley TIFF (RDC); the council voted to pause allocations to the RDC starting in April and to develop a resolution to address possible retroactive corrections estimated at about $140,600.
Treasurer Dan Baston told the Morgan County Council at its May meeting that the county's long-standing method for allocating interest earned on bank accounts had not been properly authorized by the council and did not follow state statute. Baston said the historical practice gave selected funds, including the Eagle Valley TIFF (the RDC fund), a portion of bank interest without a formal council ordinance.
"The statute doesn't give the treasurer unilaterally the authority to decide what funds'interest is going to be allocated to," Baston said, describing his review of allocation worksheets and his change to a method that includes all county funds when calculating shares of interest earned.
Baston reviewed example calculations, reporting total interest credited in one month as $275,661 and…
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