The rate increase for the Cumulative Capital Development Fund was passed on second and third reading during Monday’s Marshall County Commissioner’s meeting.
While the commissioners conducted a public hearing at their meeting on April 3rd with only two people commenting they did offer those in attendance another opportunity to comment on the increase. No one spoke in favor of or against the rate increase.
The Cum Cap Development fund is currently at $.0169 per $100 of assessed value and the approved rate increase will reestablish the rate back up to the maximum of $.0333 per $100 of assessed value.
The Cum Cap Development Fund is used for capital purchases such as major equipment, technology and software. The commissioner plan to use a major portion of the additional $420,000 generated with the rate increase to fund the lease payments for new equipment at the County Highway Department. This will free up money in the highway fund to do additional road work.
Now that the ordinance has passed on all three reading, it will be published and then the public will have 30 days to remonstrate against the proposed rate increase. If reestablishing rate to the maximum goes through it would go into for the 2018 tax collection.
