Commissioners to consider another deposit into rainy-day Fund Thursday
The fund would reach half a million dollars if
[Tiffin, OH April 16, 2019] — The Seneca County Board of Commissioners is to meet at 10 a.m. Thursday at its office, 111 Madison St.
During the meeting, the commissioners are to consider making a $125,000 deposit into the Budget Stabilization Fund, or rainy-day fund.
In October, the board invested $125,000 into the fund, bringing its total to $375,000. With the approval of Thursday’s deposit, the fund’s balance would be $500,000. The fund was established in April 2018.
Commissioner Mike Kerschner said at the time that creating the fund was a good plan because of the uncertainty of the future strength of the economy.
“We can do the opposite of what other government entities do,” he said. “Instead of spending our grandchildren’s money, we can put it in a savings account.”
Since times are going well economically, it affords the board an opportunity to safeguard against future economic downturn.
Commissioner Shayne Thomas said it’s a perfect time to continue building the fund.
“Budgets are up and down, we are trying to smooth that cycle,” he said. “This is 10 years of fiscal leadership, not for just this year.”
Commissioner Holly Stacy said she hopes the precedent set to establish and grow the rainy-day fund is followed by future boards.
“Without raising taxes, we are committed to passing on a county financial situation of which we can all be proud,” Thomas said.
State law allows the county to allocate a maximum of five percent of revenue, or about $890,000, annually to the Budget Stabilization Fund.
During old business, the commissioners are to discuss a farm lease on about 147 acres of county-owned land that can be occupied and used for producing crops. The board opened seven bids for the project last week. The land became available for lease after the previous lessee backed out of a previous agreement.
During resolutions, the board is to consider:
- A $27,175 supplemental appropriation to the General Fund for equipment.
- A $200,000 supplemental appropriation to the General Fund in the Transfers Out line.
- A $71,800 supplemental appropriation to the General Fund in the Contract Services line.
- A $66,925.50 fund transfer to the Public Assistance Fund.
- A $75,000 fund transfer to the Capital Projects Fund for several projects, including new locks at the Seneca County Jail and the Seneca County Youth Center, and for upgrades to the electrical system at the RTA Building.
- The employee dishonesty and faithful performance of duty policy through CORSA (county risk sharing authority) coverage.
- A $189,600 contract with Prestressed Services Industries of Ohio for the TR 169 superstructure replacements project.
- Setting time, date and place to receive bids for the CR 26/CR 592 pavement resurfacing project.
- The signing and submission of a grant application to the Ohio Department of Transportation for a five-percent matching grant related to a project at the Seneca County Airport.
- A $71,800 contract with Helms & Sons Excavating for the Cemetery Lane Asphalt Project.