State approves county’s 2017-18 fiscal year budget

Published 7:10 pm Friday, August 25, 2017

Carter County officials received word this week that the county’s budget for the 2017-18 fiscal year was approved by the state.

In July, members of the Carter County Commission approved a budget for the fiscal year which included a 2 cent increase to the property tax rate as well as a directive that the county recognizes $160,000 the county anticipates receiving in interest on funds invested through the County Trustee’s Office.

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After a county approves their budget for the fiscal year, the budget is then sent to the Tennessee Comptroller of the Treasury’s Office for approval.

On Wednesday, county officials received word the Comptroller’s office had approved the budget for the 2017-18 fiscal year.

“We have reviewed the budget and have determined that projected revenues and other available funds are sufficient to meet anticipated expenditures,” states Sandra Thompson, the Director of the Office of State and Local Finance, in her letter to Carter County Mayor Leon Humphrey. “This letter constitutes approval, by this office, for the County’s fiscal year 2018 budget as adopted by the County Commission.”

While the approval letter states that projected revenues and other available funds are sufficient to cover the county’s expenditures, the budget approved by the Commission for the fiscal year was not balanced.

During the July Commission meeting when commissioners approved the budget, Carter County Finance Director Christa Byrd cautioned them the proposed budget would tap into the county’s fund balance by an estimated $443,000 to cover all the expenses.