Financial advisor Jeff Peters presented members of the Montgomery County Council with some good news Tuesday.
The county has improved its financial condition and tax receipts continue to increase above projections.
“We projected conservatively for 2024 a 2% increase in revenue,” Peters said. “We now know our increase was 8.4%.”
Peters said the general fund ended 2023 at $550,000 above projections and the Public Safety Local Income Tax ended at up $670,000.
An increase in county-wide assessed value amounted to 7.84% and the Public Safety ended 12.24% over projections.
Peters advised the council it could pay the upcoming $1.1 million jail roof replacement project from cash reserves and maintain the desired 30% cash reserve.
According to Peters, the end result could be a decrease in the county property tax rates.
“You are in a good position to put cash into projects and not raise tax rates,” Peters said. “That would enable you to save money by selecting shorter amortized payments on bonds. Or, you can finance for 20 years but make sure the bonds allow the county to pay the debt off earlier than the amortized payments. Either way saves the county money.”
The county will retire a jail bond at the end of 2024. Peters said that also helps with any future bonding the county may pursue and enable tax rates to remain stable.
Montgomery County Sheriff Ryan Needham told council members he expects to approach them in April with a request to replace the air conditioning unit at the jail. Needham said he has a bid for $166,000 and hopes to replace it before warmer weather arrives.
Peters advised the council to take the money from the Public Safety Local Income Tax cash reserves to pay for the new unit.
In other business, the council:
• Approved the annual report for the Redevelopment Commission presented by Ron Dickerson and a quarterly report for the Purdue Extension-Montgomery County Office presented by Monica Nagele.
• Approved the following claims: $1,400 to Taylor, Minnette, Scheider & Clutter; $5,165 to Peters Franklin, L.T.D.; and $12,481 to Waggoner, Irwin, Scheele & Associates, Inc.
