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Auditor: County spent $167M on jail project; $8.8M interest eases county burden
Summary
Allen County Auditor Jackie Scheuman told Council the county has spent $167 million of bond proceeds on jail construction, with a remaining $60 million and $8.8 million in interest that will reduce the need for county-funded costs.
Auditor Jackie Scheuman told the Allen County Council that the county has spent $167 million of bond proceeds on the new jail construction and currently has a remaining bond balance of $60 million.
"We have spent $167 million of that. We have a balance of $60 million. The math doesn't work because we've got $8.8 million in interest," Scheuman said, adding that the interest will help pay project costs so the county general fund will not need to cover them. Scheuman also noted LIT (Local Income Tax) pledges and a $5 million-per-year contribution that were planned for construction and related uses.
Scheuman reported property tax collections were near expected levels after an advance in May and that building permit revenue has leveled off from a January peak. She said the Coliseum's cash balance stood at $860,000 and estimated redevelopment capital funds to be between $6 million and $8 million, directing Council questions about exact redevelopment balances to departmental staff.
