A look at the numbers
Other notes from the fiscal year 2015 audit:Walker County’s assets exceed its liabilities by $54 million.That value is $12 million less than it was in 2014.The county’s debt sits at $45.7 million.In 2014, the debt was at $47.2 million. In part, that is because the county made a $4.5 million bond payment, and a $7.7 million tax anticipation note “retired.” The county also took out a new, $10 million tax anticipation note in March 2015. The county paid it back in December.Mountain Cove Farms, the county-operated resort, lost $675,000 in 2015.The year before, the county lost about $880,000.
In the county’s latest financial audit, filed last month, an accountant raised a concern: The county mixed up money for the general fund and the sales tax fund.
County Commissioner Bebe Heiskell said the problem should be fixed going forward.
She said the same thing last year, when the auditor pointed out the issue the first time.
To understand the issue, you have to first understand the Special Purpose Local Option Sales Tax. Every five years, voters can decide whether they want their county to issue a 1 percent sales tax. The revenue will go to their county government, and the government’s leaders have to set the funds aside for “capital projects” – things such as new buildings, paved roads, cars for the police department.