Bedford board OKs tax anticipation note
BEDFORD — The Bedford County commissioners approved a nearly $2 million tax anticipation note Wednesday to cover county expenses until tax revenue comes in.
The county purchased a note of $1,995,000 at a fixed interest rate of 2.54 percent, which can be redeemed Jan. 9, from First National Bank.
Commissioner Josh Lang said the bank offered the lowest interest rate to the county. He added the note acts as a cushion to cover expenditures until the county starts receiving tax revenue.
Last year, the county had a tax anticipation note of $1,750,000, according to Lang.
The commissioners anticipate $19,424,428 in expenditures and $19,504,443 available for appropriations, leaving a remaining $80,015 at the end of the year.
A real estate tax rate of 3.037 millage and a per capita tax of $5 were approved by the commissioners in mid-December.
The 2019 budget shows an anticipated $10,067,938 in tax revenue for this year.
Commissioners also approved Pandora Wertz, Charles Swartzwelder and Joseph Barefoot for the board of the Bedford County Planning Commission, the hiring of Zachary Naylor and Tanner Coughenour as full-time correctional officers at $11.30 per hour and the hiring of Holly Garner as a full-time deputy sheriff at $11.70 per hour.
Mirror Staff Writer Shen Wu Tan is at 946-7457.