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Century Not Have To Repay $2.7 Million In Special Revenue Funds (Even With Their 750 Year Payment Plan)
January 28, 2020
Century’s accountant may have found a way to get the town out of an obligation to repay millions to a restricted special revenue fund.
At the time of a 2019 grand jury investigation, the town owed their special revenue fund approximately $2.7 million. The sales tax revenues placed in the special revenue fund were restricted for specific purposes. The grand jury found these funds would have to be repaid or it will be considered an inappropriate use of the restricted revenues. In June 2018, the town council approved a repayment plan of $300 per month — a 750 year payback..
Accountant Robert Hudson recently told the town council that the $2.7 million can be accounted for as operating transfer during this fiscal year for documented capital outlay projects.
Hudson plans to explain the plan further at a council workshop at a future date that has not yet been announced. The council will discuss an amended budget for the current fiscal at the workshop, prior to public hearings and a vote to approve the amended budget.
NorthEscambia.com photo.
Comments
17 Responses to “Century Not Have To Repay $2.7 Million In Special Revenue Funds (Even With Their 750 Year Payment Plan)”
“750 year payment plan”
I wonder what trouble Century will get into during the interim?
From my experience with this firms work, I would definitely double check what they are suggesting doing with the state to make sure indeed it’s doable.
Century doesn’t need any more bad things to happen because of putting complete trust in one individual.
don’t speak to loud, the BOCC might pay off that debt also from LOST funds.
Century not? Century may not. Century will not.
There is no accountability in government–at any level.
Maybe if he’s actually shows where the money went it would be good, but also will expose those who had their hand in the fund’s illegally, which should be prosecuted.
No matter how you slice it 2.7 million of restricted funds were inappropriately used and are not there. “Cooking” the books won’t change that. Let’s just dig our hole deeper.
Well, if you cannot pay the debt, it’s always good to come up with some way to change the rules.
I would love to have a loan for 750 years, preferably with no interest. Sounds like the deal of the century……or for Century…..or for centuries. I’m not sure anymore.
if i tried to get rid of my bills like that i would be put under a prison. better make sure this thing is on the up and up. turning this group in charge of the towns finances got us into this mess.
Well, if you don’t have to pay the bills you owe, you can get out of debt, I guess.
You go Mr. Robert Hudson because I know there are smart, intelligent peoples working for the Town Of Century. GOOD JOB
Hocus pocus and your money just disappeared.
That’s only 9,000 months. No big deal.
And the wheels on the short bus go ’round and ’round.
Better get a full and competent legal opinion on this from the state. Otherwise the whole town council including the mayor could end up in prison. On second thought, ignore the grand jury and GO FOR IT!
We need this broken town fixed not another loophole, when will we follow the grand jury recommendations.