News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Putnam County in a solid place financially based on current revenue numbers.
Mayor Randy Porter said that compared to previous years, the county is right where it needs to be at this point in the fiscal year.
“So far everything’s looking good, we haven’t seen a dip in sales tax or any of revenue so far,” Porter said. “I don’t foresee anything major in the next four months, but anything out farther than that it’s almost impossible to forecast.”
Porter said some revenue numbers are at an unusually high percentage of the budget. He said that can be from various things, including a one-time reimbursement.
Porter said one line item of note is the investment income. The revenue line currently sits at 796 percent of the budget. Porter said that is due to the Fed increasing interest rates.
“If you go back a year we were getting really little on our money as far as interest, and all of the sudden with the Fed raising interest rates like they’ve done the past year we’ve been gaining a lot more interest,” Porter said. “We used to budget about that much every year and we had to lower that amount because we weren’t collecting it really but now we’ll be able to raise that amount back up if the interest rates keep going like they’re going.”
Porter said that money would go into the county’s general fund, which funds most of the county departments.
