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Council briefed on resolution to allow SPLOST funds in Georgia Fund 1
Summary
Finance Manager Therese Brown said Resolution No. 2026-07 would let the City deposit up to $4,000,000 of SPLOST funds into Georgia Fund 1 to earn interest while funds remain subject to SPLOST use restrictions; Brown noted the City's revenue base is about 90% residential property tax.
Finance Manager Therese Brown explained a proposed resolution that would authorize the City to establish a Georgia Fund 1 account through the Local Government Investment Pool and permit deposits and withdrawals by designated representatives, including a deposit authority of up to $4,000,000. Brown clarified that "the funds and interest must remain within SPLOST use restrictions."
Brown reviewed the city's position on reserves and transfers, saying the Georgia Fund 1 account is used to earn interest for funds that are not immediately needed for capital projects; she noted the city regularly transfers funds into and out of Georgia Fund 1 ahead of anticipated expenses. Brown also described the city's revenue base as approximately 90% residential property tax, which she said is comparatively stable; she referenced guidance from the Government Finance Officers Association on reserve recommendations.
The discussion left the mechanics of depositing and designating representatives to staff for implementation if Council moves the resolution forward at a formal meeting.
