Lafayette County has extra $529,000 to spend

Published 10:37 am Tuesday, June 20, 2017

Lafayette County will have an extra half a million dollars in its coffers to spend during the 2017-2018 fiscal year.

On Monday, Ed Maxwell with the Watkins, Ward and Stafford accounting firm, presented the Lafayette County Board of Supervisors with the year-end report from the Board of Trustees of the Lafayette County Reserve and Trust Fund that oversees the management of the $20 million the county invested after Baptist Memorial Hospital-North Mississippi bought its way out of the lease on its current facility in 2012.

The fiscal year for the fund ended on March 31. At that time, the fund was worth $21,172,687, up from $19,799,409 in fiscal year 2016.

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After expenses, Maxwell told the supervisors the county will receive $529,319 from the earnings generated by the fund.

Board President Jeff Busby said the supervisors haven’t voted on how they plan on spending the money.

“However, in the past, it’s always gone to roads,” he said Monday.

The supervisors will discuss where to spend the funds over the next few weeks as they begin working on the county budget for the fiscal year 2017-2018, which runs from Sept. 30 to Oct. 1.

Busby said as of Monday, the fund is worth $21,525,036.

The county evenly split just over $60 million in proceeds from the sale of Baptist Memorial Hospital with the city of Oxford in 2012 and invested $20 million of its portion in April 2013 after paying off $10 million in debt.

Since its inception, the county has received $1,683,944 in distributions.