County Ends Fiscal Year with 20 Million +
|According to the annual year end report issued by the
Loudon County Trustee's office, Loudon County government ended the 06-07
fiscal year with combined fund balances of $20,992,797.00. The fiscal
year runs from July 1,2006-June 30,2007. This includes county government
and the Loudon County Board Of Education. The massive fund balances can
be attributed in part to the recent boom in development and high
property assessments but mostly to the enormous property tax increase
passed by the Loudon County Commission two years ago.
In 2005 the commission narrowly, by one vote, passed a 21% property tax increase. This was the largest tax increase in the County's history. The commission passed the tax increase on what turned out to be erroneous financial advice from a representative of The County Technical Assistance Service, CTAS, who had given dire estimates on the county's financial position. All of the projected short falls turned out to be wrong. Unfortunately, the tax increase cat was already out of the bag. Below are the funds and balances. Links are to trustee's reports. (PDF)
Looking first at the County Government end of the hall, the general fund 101ending fund balance is a whopping $4,621,296.00. This is the fund used for all general government operations.
The Law Library fund, 114, finished with $10,614.00.
The Convenience Centers, fund 116, finished with $222,255.00.
The sheriff's department's three drug funds also did well with fund, 122, ending at $213,487.00, fund 128 $109,704.00 and the Metro Narcotics fund, 363, which was to have been dissolved a couple of years ago finished with $58,402.00.
The county debt retirement fund, 151, totaled $1,632,349.00. This fund is used to make payments on the county's debt estimated to be approximately $37,766,235.00.
The county capitol projects fund, 171, had $1,155,063.00. This fund is used to fund building type projects.
The Center 75 maintenance fund, 370, ended with $21,201.00.
The County Highway Department, fund 131, finished with $965,388.00.
The Solid Waste Commission, fund 207, has $2,135,652.00. This fund is exclusively for the future operations on the county land fill. This fund balance is generated by land fill tipping fees.
The City Schools ADA, (average daily attendance) fund, 355, had an ending balance of $126,933.00. This fund is used to handle the county's portion of funding for the Lenoir City School System. This year the county paid the Lenoir City School System $4,800,0006.00. This funding is mandated by the state to pay the cost of county children attending the Lenoir City school.
The Roane State Career Center maintenance fund, 357, was at the bottom of the barrel with only $63.00 left over.
On the Board Of Ed's end of the hall, things are a little rosier then some accounts have reported.
The school's general fund, 141, ended with $3,712,070.00. This fund is used for many of the general BOE operations.
The two federal projects funds, 142 and 143, ended respectively with $141,112.00 and $17,603.00.
The school's debt retirement fund, 156, finished with $5,059,374.00. This fund is used to make payments to the county to retire school debt.
School capitol project fund,177, ended with $790,231.00. This fund is used to fund building type projects.
With such high surpluses, commission could elect to lower taxes or spend it. Which will it be?