Board of Supervisors to take over $500K from trust fund following summer rebound
Published 10:01 am Friday, August 5, 2022
The Lafayette County Board of Supervisors voted to withdraw $567K dollars from the Baptist Memorial Hospital Trust Fund on Monday following a strong rebound in the fund’s value over the summer months.
The board tabled a discussion in June on whether to withdraw their 3% annual payout due to a significant decrease in the fund’s value.
In early June the fund’s value dropped to about $19.8M, and the county generally refuses to take the payout if the total value of the fund dips below the $20M threshold.
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A strong rebound over the summer months saw the fund’s principal balance rise to $20,891,658 however—allowing the county more than enough buffer to take the payout.
The money will go towards repaving roads and improving infrastructure within each of the county’s five districts.
The fund was established back in 2012 when Baptist Memorial Hospital-North Mississippi bought out the lease for their old building—giving $30M each to the city of Oxford and Lafayette County. The city immediately put all $30M into a trust fund, while the county opted to pay off $10M in debt and put the remaining $20M into a fund.