Treasurer

Due to the timing of property taxes and other revenues, the County at times has a surplus of funds. Using cash flow forecasting and analysis, the County Treasurer invests the surplus funds as legally permitted under Public Act 20, as Amended, and must adhere to the Calhoun County Treasurer’s Investment Policy. The County Treasurer currently manages an investment portfolio that averages between $15-18 million.

For over 25 years, the Calhoun County Treasurer, as agent for the County, has provided significant cash flow benefits to local schools and units of government through the Delinquent Tax Revolving Fund. The fund allows schools and local units of government who levy property taxes to receive all of their real property tax revenues immediately instead of having to wait until such property taxes are actually paid (months or years later) and distributed. The County Treasurer funds this process by selling Delinquent Tax Anticipation Notes or D-Tan’s. In 2001, the County had approximately $9.5 million in delinquent real property taxes and borrowed $3.75 million.

Delinquent taxes are returned to the County Treasurer on March 1^st of each year for the previous years levy.

After the amount of delinquencies are determined and attested to, the Notes are issued and the proceeds distributed to the various taxing jurisdictions. Collections on the delinquent taxes are then used to pay the debt service on the D-Tan’s.