More in News
County borrows $2.9M in anticipation of tax revenues
PARIS -- Oxford County commissioners authorized Treasurer Roy Gedat to take out a $2.9 million loan from Norway Savings Bank to pay for expenses towns pay their assessments. The county got a 0.74 percent interest rate.
The commission also voted to transfer $30,000 per month from the Oxford Casino income account. At the budget hearing last November, the budget committee agreed to transfer $360,000 from the casino fund to the general fund to help with county expenses and offset taxes.
County Administrator Scott Cole suggested setting a policy that one-twelfth of the casino money go to the general fund each year, so commissioners would not have to vote again if the amount received from the casino changes.
Chairman David Duguay, however, said that in the future the casino money could instead be used to ease the pressure on towns if the county switches its fiscal year.
The possibility of switching to a fiscal year has been a perennial topic for the commission.
Cole warned that some town boards are strongly opposed to the county switching to a July-to-June fiscal year, because they would “have to pay for 18 months of product in 12 months” at the initial switch.
Towns have also cited the extra work of preparing their budgets while also sending a selectman to vote on the county budget each spring. However, Commissioner Caldwell Jackson of Oxford said Tuesday that wasn't a compelling reason. “That's not an argument,” he said.
Currently, the majority of county taxes are due in November.
Last fall, Gedat asked several towns if they would pay their county taxes before the November deadline to cover expenses, which saved the county from having to take out a loan.