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Commission reviews county fund balances including opioid settlement, Community Benefit, and TIF accounts
Summary
County staff reviewed balances for the Opioid Settlement ($664,000), Community Benefit ($890,000), TIF Bingham Wind ($1,106,000) and TIF NECEC ($536,000), and identified earmarks and expected annual receipts.
County Administrator Tim Curtis and Finance Director Patrick Dolan presented an overview of several county funds at the April 1 meeting. The opioid settlement balance was reported as $664,000, with roughly $300,000 earmarked for Sublocade purchases for treatment in the Somerset County Jail and support for a resource person partnership with Redington Fairview; the county anticipates about $125,000 annually for the next 10–12 years.
The Community Benefit account shows a balance of $890,000 with approximately $300,000 earmarked for outstanding grant matches and a commitment to support a West Forks Fire Department grant; three loans totaling $130,000 are in repayment and the county projects roughly $450,000 per year over the next 10 years. The TIF Bingham Wind fund holds $1,106,000 with $500,000 earmarked for U.T. budgetary items and $400,000 identified to offset FY27 U.T. tax impact; the county expects $370,000 annually for 20 years. The TIF NECEC balance is $536,000 with no current earmarks and an expected at least $500,000 annually for the next 28 years.
Finance Director Dolan also shared Somerset County's Moody's report and said the county retains an AA3 bond rating, which the minutes attribute to healthy fund balances and no debt.
