A decision to approve an increase of pennies in Boone County's cumulative capital development fund was tabled by the Boone County Commissioners Monday, June 16, and will now be heard at a special meeting beginning at 9 a.m., Tuesday, June 24.
Commissioner Marc Applegate suggested the delay so the commissioners could review information provided by Aaron Smith, of Lebanon, who said he projected the county would have more than $9.4 million in cash and investments in six separate funds as of June 30.
One of those accounts, the CCD investment fund, contained more than $611,000, Smith said, an ample amount for the county to pay for renovations at the former Elks Lodge, 220 W. Washington St., Lebanon, for a new county office annex.
If the commissioners approve the CCD increase, Smith said, he'll launch a petition drive asking that it be rejected by the Indiana Department of Local Government Finance.
Councilwoman Marcia Wilhoite said the county will face an operating deficit of nearly $700,000 and needs to raise money to maintain its buildings. The present CCD rate generates just over $431,000 a year, she said.
See Wednesday's Times Sentinel for the full story.