WARREN — Trumbull County is slated to usher in $628,000 much less in funding earnings than predicted in the beginning of the yr, in response to county Treasurer Sam Lamancusa.
Low rates of interest and the state of the financial system are accountable, Lamancusa mentioned. The discount shouldn’t be essentially associated to COVID-19, as a result of the county already was predicting in January that it will obtain much less in returns than it did final yr, he mentioned.
“Rates of interest have been already beginning to drop, even earlier than COVID, so I don’t know if COVID is completely accountable. It’s the down-trod of the financial system in a nutshell,” Lamancusa mentioned. “The drop will probably be about $1 million lower than the earlier yr.”
In 2019, the county earned about $2 million in returns. In January, Lamancusa estimated $1.735 million in returns, and now expects to deposit $1.107 million.
The county’s on line casino income is also down, Debbie Santangelo, deputy auditor, mentioned.
The county introduced in about $2.four million in on line casino income final yr and is anticipated to usher in about $1.eight million this yr, round a $550,000 decline, Santangelo mentioned.
Although the county acquired $12.174 million in CARES Act funding, it can’t be used as a income alternative, Santangelo mentioned. That cash should be spent on bills associated to COVID-19, she mentioned. Commissioners have till Dec. 31 to encumber the cash on permitted bills or it would return to the Workplace of Administration and Funds.
Even after the cash is encumbered, it should be spent inside a month of the encumbrance, she mentioned. If any of the funding is spent incorrectly, the county must return it. The cash can’t be spent on common bills, she mentioned, however up to now has helped county places of work adapt to the pandemic with plexiglass dividers and cleansing provides.
Commissioners on Wednesday additionally permitted utilizing $750,000 of the cash for a small enterprise aid fund being administered by way of the Trumbull County Planning Fee and Valley Financial Improvement Companions. Details about the CARES four Trumbull program is anticipated to be accessible on-line at ValleyEDP.com as soon as it goes stay.
Different CARES Act funds are anticipated to go towards meals banks and different help applications, although time is working out to solidify the appropriations earlier than the expiration.
Santangelo mentioned among the cash didn’t even are available till October, so the timeline is tight and up to now no extension has been introduced.
It seems, up to now, that gross sales tax collections haven’t been hit, however a couple of months stay earlier than the top of the yr. Collections have been at $21 million this time final yr, and are at $22 million now, she mentioned.
“It’s up slightly since final yr, however there are two extra months to go,” Santangelo mentioned.
The funds is anticipated to be “tight” with the opposite losses, she mentioned.
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