Kimsey Explains County’s Investment Funds

Cleveland County’s $5.6 million “investment fund” is made up of three accounts: solid waste, ambulance, and nursing home funds. County Treasurer Angie Kimsey explained the funds during Free Range Conversations podcast. She the money for the solid waste and ambulance funds comes from surplus sales tax revenue, which is invested in CDs earning 4 to 5% interest. State law limits the solid waste and ambulance funds be spent only on their specific purposes, preventing their use for other needs like roads. Only the $1.6 million nursing home fund, created from the sale of a county’s nursing home license, can be spent more freely, though county officials have been hesitant to do so since it could be used as an emergency reserve. Growing surpluses are partly attributed to an additional taxes collected through online sales. Here’s a link to the podcast: https://open.spotify.com/episode/26I9SUzYWCWtLZDsU5MxrM