County transfers funds to insurance reserve, rainy day fund
Nov. 17—ANDERSON — The Madison County Council has approved the transfer of funds to the insurance reserve fund and the county's Rainy Day fund.
Auditor Rick Gardner requested the transfer of $550,000 from the county's general fund to the Rainy Day fund to bring the reserve amount to $11.1 million.
Councilwoman Jodi Norrick inquired about $400,000 from the county's wind farm economic development account that was used to pay for elevator repairs at the Madison County Government Center in 2019.
The city of Elwood has requested $1 million to be used for the construction of a sports complex.
The council and the Madison County commissioners approved a transfer of $503,000 from the wind farm account to Elwood.
In October, Elwood Mayor Todd Jones reminded the council that a resolution was adopted by county officials in 2011 which stipulated that the wind farm money was to be used in northern Madison County.
When the Wildcat Wind Farm was built in the area, the developer provided $1.3 million for economic development projects.
Alexandria received $300,000 for infrastructure improvements, and Madison County spent $400,000 for repairs at the courthouse and provided $100,000 to Frankton for water system upgrades.
Norrick said she believed the $400,000 for the elevator repairs was a loan to the county.
Gardner said the money was not borrowed from the wind farm account and would have needed to be repaid by the end of the year.
Councilman Anthony Emery said the council didn't borrow the money for the elevator repairs.
He said Elwood is a part of the county and the funds were used to make the necessary repairs to the courthouse.
The council approved the transfer to the Rainy Day fund.
The council also approved a transfer of $1.5 million from the group insurance account to the insurance reserve fund.
Gardner said the transfer increases the reserve fund to $2.5 million.
Norrick said she wanted the insurance reserve fund increased to lower the cost of insurance coverage for county employees.
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