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than last week’s projections.
To reach a tax rate of $5.40, Cox originally proposed using $75,000 cf the county’s $193,000 surplus. In order for the rate to come down to $4.20, the accountant took out another $70,000 chunk from the accumulated surplus, bringing the balance down to $71,000.
In defense of reducing the surplus, Cox predicted that federal revenue sharing payments will resume, bringing the surplus back up to around $100,000 with payments expected in Janauary and April of next year. He noted also that nothing has been budgeted for the final revenue sharing installments for the current year.
In addition to using surplus funds. Cox reported that he’d upped the sales tax revenue estimate by $30,000 from the original $245,000 expected by the school board.
"I think we’ve stretched revenue estimates about all we can now,” he said, adding that the $4.90 rate will
84.3%