Some clarification is necessary to last week’s story about County Commissioner Rodger Barber’s long-term planning suggestions for Perry County’s finances.
Due to a misunderstanding, the Review reported that Mr. Barber’s plan called for a 10-cent property tax increase each year for sixty years; in fact, his proposal calls for a 10-cent jump that would remain in effect—not 10cents more added each subsequent year.
The proposed 10-cent jump would generate $250,000 per year in new revenue (based on the current property assessment) that would be invested at the best interest rate the county could find. Mr. Barber’s projections are based on 5% interest, the rate the county now receives on investments.
Coupled with the $2 million the county now has in an interest-drawing fund balance, the county in the next sixty years would have enough reserves to pay for any future capital expenses like those Mr. Barber identified in his research:
–Linden K-8 school, $60 million;
……………….FOR COMPLETE STORY, PLEASE READ OCT. 4, 2023 ISSUE OF THE REVIEW……………..