Saturday, August 31, 2013

News and Tribune Reports Clark County Transfers $1 Million to Rainy Day Fund

From the Jeffersonville News and Tribune:

The Clark County Commissioners transferred $1 million to the county’s rainy day fund Thursday, which means the Clark County Council will be able to pay what it owes for insurance premiums.

The county currently owes $95,640 for general liability insurance and $83,603 for worker’s compensation insurance. The council also will need to come up with a way to pay for the county’s employer share for health insurance, for which it owes $800,000.

The commissioners had considered a request from the council for a loan from the county’s cumulative bridge fund earlier this year, but had unanimously voted against it.

“We indicated that if we saw as we got closer to the end of the year [that the funds were available], that we could possibly look at this issue again,” said Commissioners President Jack Coffman. “Well, now we’re near the end of the year, and we do have commitments to be made to our county insurance to be paid.”

The commissioners transferred $200,000 from the cumulative capital fund and $800,000 from the cumulative bridge fund to the rainy day fund. The commissioners have authority over the two cumulative funds, but the county council can appropriate funds from the rainy day fund.

The vote for the transfer was 2-1, with Commissioner John Perkins opposing the move.