floydcountytimes.com

Repaid loan leaves county short on cash

Ralph B. Davis rdavis@civitasmedia.com

4 months 24 days 14 hours ago |3 Views | | | Email | Print

PRESTONSBURG — The Floyd County Fiscal Court is facing some lean times after repaying a $500,000 line of credit.


The court voted during a special session Tuesday morning to repay the final $250,000 remaining on the loan, as well as nearly $800 in interest, today.


However, getting out from under the loan left county coffers a little dry, at least until some recurring revenues flow in at the end of the month. How dry? When the subject of making transfers between county accounts came up, county treasurer David Layne remarked, “I don’t have any transfers. We really don’t have any money to transfer.”


Layne said the county’s general fund had about $128,000 remaining, after the loan was repaid. To help provide some cushion in meeting payroll and other bills, he said he would be transferring about $65,000 into the general fund from solid waste, bringing the account up to about $200,000.


The county is also $3,000 lighter, after voting to repay the state a grant for a tire amnesty officials did not know they had received.


“That was simply overlooked,” Judge-Executive R.D. “Doc” Marshall explained. “We did not even know that check had come.”


Marshall said the money was supposed to have been spent in the previous fiscal year and had to be repaid to keep the county in good standing with the state. Otherwise, the county would lose out on much more money for other projects.


The court voted unanimously to return the money, but District 4 Magistrate Ronnie Akers said he wants the county to do a better job of keeping track of the money it has coming in, so as to avoid similar situations in the future.


“We need to stay on top of that,” Akers said. “We can’t afford to lose any funding.”


All members of the court except District 1 Magistrate John Goble were present for Tuesday’s meeting.

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