Revenue Collected from Franklin County Real Estate Taxes Going to Pay Back Loan

BENTON – Franklin County is getting ready to pay back some of the loan it took out back in May to help boost the county’s finances during the state budget impasse.

County Treasurer Keith Jones says almost $469,000 will be paid back thanks to funds collected from 2016 real estate taxes payable this year. Jones says the county has until the middle of November to pay what’s left, which comes to $230,000. He says the county can pay that following another distribution in about 30 days. That’s according to a report in the Benton News.

The county is expected to collect about $13 million in real estate tax receipts. Jones says the county will be able to keep about $1.3 million.

Jones says the county is not doing too bad financially right now, but did inform finance committee members at Monday’s meeting that the state is cutting funds by 10 percent from what it gets from the Local Government Distribution Fund. He did not say how much the county would lose noting that the state says this will only be temporary and shouldn’t affect future anticipated revenues generated by this fund.