City Wants To Know Where Its Money Is
.When asked if he knew how much was in the joint fund, Young said, "No, I don't." He added, "We really don't know what the amount is." And he said that, so far, the city didn't have the information it needed to figure it out.
At the meeting between city councilmembers, county commissioners and city and county staff in October, Young said, "I think [Councilmember] Trudy [Wade] asked [County Manager] Brenda [Fox] and she said about $20 million." He added, "I'd never heard $20 million." Young said he had heard $14 million or $16 million but nothing as high as $20 million before that meeting.
What is incredible is how long this is taking. Following a unanimous vote of the City Council, the city sent a letter terminating the joint water and sewer contract in June 2010. So .
So 17 months ago, when the city sent a notice to terminate the contract, it had reason to believe that in six months it would receive an accounting of the money that had been spent and a check for what city personnel thought would be about $7 million.
Instead, what Young received from Fox was a letter stating that there were complex issues involved. It appears the complex issues boil down to two.
The first is that to agree to pay for two projects extending water and sewer services to Forest Oaks Estates and Lynwood Lakes which the commissioners had already agreed to pay for with county bond funds in 2006 and 2007.
The second is the question of interest on the money in the fund. If the fund does in fact total $20 million, as the city was told at the October meeting, then according to Young, the government could reasonably expect to earn $500,000 to $700,000 a year in interest.
Young said he had heard a number of things about the interest. He said he was told that the county said the money was not in an interest-bearing account, which is ridiculous.
Guilford County Government Office - News
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