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Council approves refund of $266,777.67 to county after bank franchise tax filing error
Summary
After county and state review, the council approved returning $266,777.67 collected from 2022–2024 bank franchise filings that should have gone to Bedford County; a further 2025 refund is expected, bringing the total to about $385,000.
Council voted unanimously to refund $266,777.67 in bank franchise taxes that the town received for 2022–2024 after county and state review determined FirstBank and Trust had filed to the town in error because the local branch does not accept deposits. Town Finance Director Anne Cantrell explained the technical filing issue and said staff is following up with all banks in town to prevent recurrence.
Cantrell noted the town has ample reserves (about $4.2 million in unrestricted net assets) so the refund will not unduly strain finances; an additional refund for 2025 is expected to push the total refunded amount to roughly $385,000. The motion to approve refunds was made by Councilman Dave Foster and seconded by Councilman Dwight Evans; the vote was 6–0 (Councilman Todd Foreman absent).
