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Treasurer reports $28.9M in county cash, delinquent taxes and LGIP yield
Summary
Treasurer Karen told the committee the county had $28,929,332.89 on deposit at month'end, sales tax receipts were $219,006.55 for the month and delinquent taxes total about $908,008.14; the bulk of delinquencies are in in-rem or tied to litigation or bankruptcy.
Treasurer Karen (speaker 9) gave the committee a monthly financial snapshot, reporting a bank balance of $28,929,332.89 and daily receipts of $2,826,833.59. She said the county's sales tax for the month was $219,006.55 and that the LGIP yield currently being shown in reports is about 3.693844%.
Karen noted the delinquent-tax balance is $908,008.14 and that a sizable portion of those delinquencies is tied up in in-rem processes or delayed by litigation and bankruptcy. She said she is working with staff (Nikki) to resolve long-running delinquencies and recommended holding action until pending law changes are clarified. Committee members pressed for a plan to address a large chunk of long-standing delinquencies and for better monthly reporting.
"While the bulk of it is in the in rem process, I am trying to work with Nikki on that right now," Karen said, describing the work needed to resolve aged accounts. The committee directed staff to continue monthly monitoring and to supply more detailed breakdowns as audits and reporting tools improve.
