Thanks to approved changes of the Bradley County hospital fund investments, the county will pick up an additional $4 million of interest during the next few years. The hospital funds are from the sale of Bradley Memorial Hospital.
“This is a good day for Bradley County as far as finances go,” Bradley County Trustee Mike Smith said. “I’m happy to report that the State Comptroller’s Office has agreed to allow Bradley County to extend maturity on the hospital funds for 10 years.”
Mr. Smith stated that with a conservative estimate of a 2% minimum return, $3 million of additional interest revenue will be generated by the hospital funds during the 10-year period. Another positive was also brought to light, as Mr. Smith explained that the county was also given permission to increase the length of investment maturity on all Bradley County funds from two years to five years. He explained that if this option had been available over the last two years, the county would have an additional $1 million of interest income available for the county’s budget.
“For me, who keeps up with your money, that’s big stuff,” Mr. Smith said.
He then went on to state that property tax collection is holding steady, with approximately 90% of residents who owe taxes paying. While the percentage of payers has virtually remained the same, approximately $3 million of additional property tax was collected than what was collected in 2006.
The commission also discussed renewing and extending the contract with Quality Correctional Health Care (QCHC), the company that has provided health services to inmates at the Bradley County Justice Center.
“These guys have provided health care and done a great job,” Commissioner Ben Atchley said. “I think we’ve gotten real good bang for our buck.”
Also during the meeting, Commissioner Howard Thompson asked that the commission agree to a resolution opposing a proposed bill that would allow school boards to raise property taxes.
The commission will meet again on Monday, March 15, at 10 am.
daniel@danielkbrantley.com