The Rhea County Budget Committee has voted to send the county budget to the full commission for a special called meeting on Aug. 9 at 7 p.m. at the County Annex building. The commission will meet in a workshop starting at 6 p.m.
prior to the special called meeting. They will also hold a public hearing on the budget at that time.
Finance Director Kelley Morgan told the commission that the State Comptroller's office had already contacted her to see where the county was at in the budget process.
The Tennessee Comptroller's Office requires a public hearing on the tax rate to be set along with monies given to any 501(c) (3) organization. The state also requires the budget to be balanced and as of late are requiring a minimum of two months or 16 percent of annual expenditures for operating fund balance, which is better known as a rainy day fund. This is to ensure stable tax rates and addresses both revenue short falls and unanticipated expenditures. It also is to ensure financial stability between different administrations.
The Comptroller's Office requires the budget to be submitted by Aug. 30 of the calendar year. This was set by the 1982 budget act by the state legislature.