Rice County Revenues Down in 2018
Rice County Finance Director Paul O'Connell presented a report today to the RIce County Board of Commissioners meeting as a Committee of the Whole. O'Connell discussed the 2018 budget and touched on what's happened so far this year. She noted this year's budget appears to be on track with approximately 25 percent of the budget year complete.
Commissioners asked no questions but the total general fund for the county in 2018 showed expenditures just over 772 thousand dollar over budgeted and revenues down over 253 thousand dollars. O'Connell told Commissioners they will be receiving the 2018 audit report soon.
O'Connell applauded the Social Services Department for making improvements in tracking their revenues. County Administrator Sara Folstad said the department has been working very hard to maximize those revenues.
O'Connell pointed out, "Another fund that shows a little bit more red is the Rice County HRA (Housing Rehabilitation Authority). We did have a 500 thousand dollar expenditure we paid to the City of Faribault for the water and sewer project. We didn't see that revenue in 2018. That loan didn't close until 2019 and so those are not showing the same years but that is a big part of the expenditure there."
Property tax revenues are received by the county in June and December.
Looking at 2019 the total debt service is over 8.5 million dollars in the red. O'Connell explained, "That is due to the refunding bond that we had paid in February. So the anticipated crossover refunding bond that we had in escrow was finally paid and cleared so that's why that number is so much larger than the budgeted number."
Former County Auditor/Treasurer Fran Windschitl has been assisting the county in the area of investments. Since 2000 the county has missed their projected interest earnings just four times. It appears Rice County is again on track to exceed the budgeted interest earnings number.