Polk has 36 percent fund balance

Published 10:17 pm Sunday, January 5, 2020

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County ends 2019 with more than $9 million in savings

COLUMBUS—As of June 30, 2019, Polk County has more than $9 million in savings, which means having a 36 percent fund balance. 

The Polk County Board of Commissioners heard its audit report from Gould Killian CPA Group, P.A. in December. 

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The county’s fund balance has continued to grow over the last few years, with a little over $7 million in available fund balance in 2017 to $9,340,093 at year -end 2019. 

The county’s total fund balance at year-end 2019 was $11,629,940. 

After hearing the audit report, commissioners decided to give the school system $500,000 to replenish its fund balance because of state cuts. 

The county’s fund balance grew by almost $2 million between fiscal year 2018 and 2019. The county had $7,626,440 in fund balance at year-end 2018 compared to the $9,340,093 available at year-end 2019. 

During fiscal year 2018-2019, Polk County’s general fund revenue came mostly from ad valorem taxes at $16,248,394, according to the audit report. Local option sales tax was $4,973,439; restricted intergovernmental funding was $4,094,182 and other revenues were $2,288,118. 

The majority of the county’s expenses during 2019 came from other, while public safety accounted for 26 percent of the county’s expenses at $6,599,793; education was 24 percent at $6,202,220 and human services was 16 percent of expenses at $4,184,763, according to the audit report. 

Polk County’s fiscal year runs from July 1 through June 30. The new fiscal year for 2019-2020 began on July 1, 2019.