County plans to keep mill levy steady for 2003 budget years ago
The 2003 Marion County mill levy will remain the same, but the dollars raised will increase, according to a budget approved Monday for publication by the county commission.
An abbreviated version of the budget appears elsewhere in this issue.
A proposal that two mills be added to the levy won't be necessary, officials said.
The budget also calls for paying off road improvement bonds five years early, saving about $355,000 in interest costs starting in 2004.
"If the budget works, we turn a corner," said Commissioner Leroy Wetta. "We get rid of the long-term debt."
The mill levy will total 51.011 mills. Due to a $3.7 million increase in county valuation, the mills raise $189,980 more than in the 2002 budget.
County valuation was set at $90,448,757 up from $86,709,798.
Discussion of the budget consumed most of the meeting, which started at 9 a.m. and ended after 4 p.m. Most county commission meetings end at noon.
Bond plans
The $2.28 million bonds were issued early in 2000 to pave several heavily traveled roads in the county. After the scheduled payment in October 2003, the county can pay off the bonds. The 2003 budget provides enough funds to do so, said Scot Loyd of Swindoll, Janzen, Hawk, and Loyd, certified public accounting firm that helps prepare the county budget.
The county will owe $1.72 million after Oct. 1, 2003. Paying that off will save five years in interest costs totaling $354,954.
"It may not have an impact on this (2003) budget, but it will in 2004, and beyond," said Commissioner Howard Collett. Even with expected maintenance costs on the roads after five years, the county will have good roads and more financial flexibility.
Wetta said commissioner Bob Hein and former commissioners Linda Peterson and Jack Bruner deserved credit for endorsing the bond option.
"It worked excellently," he said. "We should thank them."
Commissioners had planned to add two mills to the budget to create a "risk management reserve," to cover costs associated with any liability involving closure of the former county landfill south and west of Marion.
Instead, the county will reduce its road and bridge capital improvement fund by two mills to offset the risk management reserve fund. Even after paying off the road bonds early, the county will have about $200,000 in its road and bridge capital improvement fund, Loyd said.
