Medina commissioners approve$1.9 million loan from general fund

By Anton Riecher
In what amounts to an annual tradition, Medina County commissioners voted Monday to borrow up to $1.980 million from the county general fund to pay upcoming debt obligations that will eventually be covered by tax collection.
County Auditor Eduardo Lopez said he did not anticipate needing to use the entire amount authorized by the commissioners.
“We haven’t collected enough from the tax office yet, so what we do every year is borrow from the general fund,” Lopez said. “As soon as we receive revenue from the tax office we pay back the general fund.”
The borrowed funds will be used to make payment on a certificate of obligation, plus two tax anticipation notes (TANs). A TAN is a short-term debt security issued by government to fund project secured by future tax revenue.
Lopez said he anticipates receiving the December 2024 tax report from Medina County Tax Assessor-Collector Melissa Lutz within the next few days.
On a motion by Precinct 2 Commissioner Larry Sittre, seconded by Precinct 1 Commissioner Jessica Castiglione, the commissioners approved borrowing the funds by a 3-0 vote. Precinct 3 Commissioner David Lynch was absent from the meeting due to illness.
The monthly auditors report presented by first assistant county auditor Jennifer Konegni showed a cash balance of…

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