Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Fiscal Impact topic
No spam. Unsubscribe anytime.
County reports $230M in lost valuation after mill closure and storm; fund balance and FEMA reimbursements discussed
Summary
County staff told commissioners they lost roughly $230.7 million in taxable valuation—about $190 million tied to a paper mill and around $39 million in storm (Helene) damage—which reduces the growth the county would otherwise have seen; managers discussed using fund balance for recovery spending and the status of FEMA reimbursements.
During the budget presentation, the county manager told commissioners that the county had lost about $230.7 million in taxable valuation tied to two factors: the closure/loss of personal property related to a paper mill and storm damage from Helene.
"We lost a total of $230,700,000," the manager said, describing the loss as roughly $190,000,000 from the paper mill and about $39,000,000 from storm-related damage. He noted the loss reduced the growth in the county's tax base the county would otherwise have realized and affects the revenue side of the proposed budget.
The manager also reviewed fund-balance history and said the county has used fund balance for debris pickup and the jail expansion; he said FEMA reimbursements require project workbooks and that the county has not yet submitted all required PWs for roadside debris, which delays reimbursement timing. He told commissioners the county's unassigned fund balance is about $44,000,000 and emphasized caution in spending while awaiting reimbursements.
