Box Elder County commissioners recently voted to participate in a Utah Association of Counties tax anticipation borrowing program for a second year.
County Auditor/Treasurer Carlla Secrist told commissioners that, since the county did not use the borrowed money, the program earned the county approximately $45,000 In 1993.The program allows the county to borrow an amount based on anticipated tax revenues for the year. The county then deposits the money and allows it to earn interest. If the county doesn't need to use the borrowed money, as was the case in 1993, the interest Is pure revenue.
Along with the revenue gained, Secrist also pointed out that if for some reason the county needed to use the borrowed money, steps would already have been taken and the process expedited.