Richland County to Pay Back Millions to Penny Fund for Unallowable Expenditures
Richland County Council recently approved a $1 million payment — likely the first of several — from its general fund to its transportation fund to begin reimbursing the transportation fund for millions of dollars in penny tax expenditures that were unallowable per the S.C. Department of Revenue and state Supreme Court.
Council also authorized an independent audit of the Richland Penny that will likely be far more exhaustive than any that have come before.
The initial $1 million reimbursement to the transportation fund was authorized with a 10-0 vote at a Feb. 5 meeting. (Councilwoman Gwen Kennedy was not in attendance that evening.) The resolution approved by Council details that it will also pay reimbursement funds for the transportation program in the 2020 and 2021 budget years, and that it will “continue reimbursing the transportation fund with funds from the general fund until the transportation fund is completely reimbursed.”
County transportation director John Thompson told County Council that there are “approximately $3.4 million of expenses that should not have hit the penny fund budget.”
Read more: https://www.free-times.com/news/local-and-state-news/richland-county-to-pay-back-millions-to-penny-fund-for/article_00651c60-308f-11e9-93e6-d3c3fef8464f.html