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Treasurer reports $41.2 million cash balance; delinquent taxes and tax-certificate process explained
Summary
Treasurer Karen reported an ending cash balance of $41,227,379.55, explained that a recent $5 million loan and tax receipts contributed to the balance, and noted delinquent taxes of about $1.10 million; she described the county's tax-certificate and foreclosure timeline.
Treasurer Karen (speaker 11) told the finance committee the county's ending cash balance was $41,227,379.55 and walked through why that number is elevated: a recently deposited $5,000,000 loan, receipt of the second property-tax installment, and state shared revenues and aid.
Karen noted the delinquent tax balance ($1,104,009.45) and explained the tax-certificate process used to start foreclosure proceedings for delinquent properties. She said the office is preparing a court petition that will set a court date once final review is complete.
"So your 1st page will just show the ending balances at the end of July. $41,227,379.55," Karen said while summarizing receipts and taxes. She also explained that interest and some adjustments will reduce the visible balance when the next check run clears.
