A big dip in the stock market at the end of 2015 meant fewer “happy returns” on Lowndes County’s $30-million-plus hospital trust fund, supervisors learned Friday during their regular board meeting.
Acting on a recommendation from County Administrator Ralph Billingsley, the board approved withdrawing $73,000 in earned interest from the fund, the maximum amount allowed.
Laws governing the trust fund state that up to 3 percent of profits from the trust fund investment as of Dec. 31 can be withdrawn.
Last February, the county was able to withdraw $942,000 in profits, based on the value of the fund as of Dec. 31, 2014.
The late-year fall in market meant far less money was available to be withdrawn this year.
“As you know, the market was down at the end of the year,” Billingsley said. “At that point, the most we could withdraw was $73,049. It’s up again now, by about $1 million, so it looks good going forward.”
With the withdrawal, the base amount the county will use in calculating next year’s available funds for withdrawal is $30,491,031.
Supervisors will put the $73,000 in its capital improvements fund. The money is likely to be used to help set cost overruns for the county’s new E-911 Center, which is currently under construction.
Other business
The board authorized Billingsley to seek quotes on the demolition of the Waters Building, which was purchased by the county in June for $250,000. Initially, the purchase was made to secure both the building and its adjacent parking lot to make up for parking space lost at the site of the new E-911 Center.
The supervisors briefly considered renovating the building as a new located for the district attorney’s offices, but estimates for the renovation — well over $500,000 — proved too costly.
Supervisors agreed Friday that demolishing the building and using the site for parking is the better choice.
The board also voted to appoint Columbus banker William Corder to the Lowndes County Port Authority Board.
Finally, the board made proclamations congratulating the Columbus High School and Columbus Christian Academy boys basketball teams, both of which won state championships last month.
Slim Smith is a columnist and feature writer for The Dispatch. His email address is [email protected].
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