Commissioners table measure to borrow money

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Following a lengthy discussion, the Van Zandt County Commissioners’ Court voted to table an agenda item regarding the borrowing of $750,000 for the remainder of the calendar year.

The decision to table the measure took place during the regular meeting Oct. 18 of the VZC Commissioners’ Court.

VZC Auditor Freddy Thomas introduced Jake Lawrence of Government Capital who made the presentation to the commissioners’ court regarding the borrowing proposal.

If approved, the $750,000 would have been deposited into the county’s general fund account on Oct. 27 and the loan would have been required to be paid back by January 31, 2018.

“I don’t want to borrow money if we can get by without it,” emphasized VZC Judge Don Kirkpatrick.

VZC Pct. 2 Commissioner Virgil Melton Jr. expressed concerns to Lawrence about the amount of money in the proposal for a financial adviser ($15,000). “That is too much,” said Melton.

“The reason we are having this conversation is in our annual audit, we were written up for illegally borrowing money,” pointed out Thomas. “You can legally or illegally borrow money and we will do one or the other this fall. Right now, we have $416,000 in the general fund. We probably have at least $125,000 in general fund expenditures which will reduce the cash account accordingly. 

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