Franklin County to Forward Fund Last of SPLOST IV Projects

Franklin County is looking ahead at projects to list on the next Special Purpose Local Option Sales Tax,  but there are still a number of projects left to finish in the current SPLOST.

The County is currently in SPLOST IV and has about another two years before it runs out.

At their work session last week, the Board of Commissioners got an update from County Manager Beth Thomas on some of the projects still left to be done.

Thomas said there are several projects at the Rec Department on the planning table and she asked the Board’s permission to forward fund those.

“We are now in the last 18 months and we still have some projects we would like to get done,” Thomas told the Commission. “Specifically, in the recreation department and we have a few other updates with heating and air conditioning systems, insulation, and upgrades to other buildings.”

Thomas said she would like to forward fund those projects so they can be completed before the current SPLOST runs out.

“I am looking at financing so that we can get those monies now to complete these capital projects,” she said. “That way we don’t have to wait the entire 18 months to get the money to complete these projects.”

Thomas said projects yet to be done at the Rec Department include installing new fencing, building a new playground, purchasing more maintenance equipment and constructing a multi-purpose building.

Thomas says she is looking to borrow about $4-million dollars to get those projects started and is looking at either going for a bank loan or a bond.

“I’m looking at both options and running the numbers,” she said. “On the one hand you have higher interest rates and lower closing costs and on the other you have a high closing cost and a lower interest rate. I want to make sure we pick the best financing option.”

Commissioner Jeff Jacques questioned the $4 to $5 million figure.

Thomas said some of that money is to replenish money already spent that were forward funded earlier.

“You have to understand that we’re waiting to collect and we have forward funded some projects, which we paid for out of the General Fund. Getting that $4-million will put that money back into the General Fund,” Thomas said.

Thomas money was taken out of the General Fund to help pay for new fire trucks and other equipment for the County fire departments.

No action was taken by the Board last week, but they are expected to formally approve the forward funding when they meet for their regular meeting tonight.   The Board of Commission meeting begins at 6p at the Justice Center on SR145 in Carnesville.