Town prepares to receive millions

BLYTHEWOOD – Anticipating millions of dollars in new funds to be coming to the Town in the near future, council voted unanimously Monday night for Town Manager Carroll Williamson to prepare the Town’s budget funds for the additional revenue.

“Significant revenue funds are anticipated in this budget year that we didn’t know much about as we were going through the budget earlier in the year,” Williamson told council. “I would like to get approval from council to move forward setting up accounts in anticipation of coming back with a budget amendment before you sometime in November.”

Councilman Donald Brock asked Williams to explain where the anticipated funds are coming from.

“The ARP (American Rescue Plan) is sending approximately $2 million,” Williamson said. He added that another $250,000, coming from the state, is earmarked for Doko Meadows Park security upgrades. Williamson said there might be other grants coming as well.

“All that was not in the budget that we currently have,” Williamson said, “so we will have separate accounts for all that and then bring that before you for your approval.”

Local Gov Investment Pool

Council also voted 5-0 to utilize the Local Government Investment Pool.

“The Town has accounts in the local government investment pool held in the state treasurers office,” Williamson said. “It’s a state savings account that many municipalities, counties and schools use to save their excess cash to generate some interest. The Town currently has no funds in these accounts, and we do have excess cash that needs to be in there,” Williamson said.

“The [Town’s] CPA did recommend that we move the excess cash to this account so, even though interest rates are extraodinarily low now, there is something,” Williamson said. “I think we need to get them in those accounts. The exact amount we’re needing, I’ll go by the Town’s CPA for guidance and I will brief you on that as well.”

Speak Your Mind