Members of the Marshall County Council heard the recommendation of Council President Judy Stone to transfer money to the County’s Rainy Day Fund.
On Monday Stone said, “We’ve spend some money out of that fund and I think the General Fund will be healthy enough to replenish the fund to maximum amount allowed by law.”
Stone explained that a new state law requires the county to move the CAGIT Certified Shares that was created several years ago is going away and saying, “so that money will be moved into the General Fund.” The balance at the end of the year will be moved into the General Fund.
Councilman Steve Harper said, “When those two funds combined it increased that balance by a significant amount, around $1.5 million.”
Stone asked the County Auditor to create a resolution for their January 2017 meeting to transfer the maximum amount as of December 31st from the General Fund to the Rainy Day Fund.
The county council unanimously supported the transfer.
After the meeting Stone estimated the transfer would be between $850,000 and $900,000.
