The Marshall County Council members considered a transfer of funds to the Rainy Day Fund last week.
Auditor Julie Fox presented a resolution on the matter that would transfer $3 million from the General Fund to the Rainy Day Fund.
She noted that the November 30 General Fund cash balance is $5,990,127,88. The 2023 estimated revenue is $13,929,013 which is in excess of the amount needed to support the 2023 General Fund budget which is $13,747,501.
“The county has previously established a Rainy Day Fund for the purpose of setting aside funds in the event of an emergency situation or an economic downturn,” explained Fox. “Indiana Code 36-1-8-5.1(c) allows transfers to the Rainy Day Fund with a limitation that the amount transferred does not exceed 15 percent of the total budgets for the political subdivision.”
The total 2023 Marshall County budget is $32,662,620.
Councilman Tim Harman said he was uncomfortable shifting that much money. He said the county will start the year with $6 million in the General Fund and believes it would move out quickly before the next tax draw in June.
It was explained that the money in the Rainy Day Fund could be used if needed, but Fox felt confident that the $3 million amount would be a safe transfer for the purpose.
The transfer would raise the amount in the Rainy Day Fund from $2 million to $5 million.
The council members approved the resolution with a unanimous vote.
