The budget of more than $36 million includes $20 million in the Education Fund and $9 million in the operations Fund. Business Manager Kandi Tinkey briefly reviewed the various portions of the funds during the meeting. According to Tinkey, they anticipate the total tax rate to be about 1.16 percent. That figure is up from 1.1 for 2019.
Tinkey explained that the Depart of Local Government Finance (DLGF) had projected a loss of revenue due to tax caps to be about $1.4 million; however, the local financial advisors who reviewed the figures indicate the amount should be some $865,000. The Board members adopted resolutions using the lower projected amount.
Revenue from Marshall County’s local income tax will be divided between the Debt Service and Operation Funds.
Although the board adopted the budget as presented, the DLGF will have final approval.
Carol Anders Correspondent