Unmasking some of Oconee’s big dollar monies

To help explain some of Oconee’s major financial considerations, the county administrator invited the county treasurer to help explain funds and accounts which have led some in the public to believe that the county is sitting on millions of dollars which can be applied to some of the top pressing needs, such as the salary structure of county workers.  Bottom line, as explained by both administrator Brock and treasurer Nowell is that the county holds substantial monies that are restricted and cannot be expended for general use.  And it later led District Four Councilman Davis to remark that, contrary to what some people believe, Oconee does not hold in the bank $80 to $90 million – so much that it can suspend annual property tax collections.  Brock told the council last night that the county treasury holds Keowee Fire Department funds and restricted school bond monies.  But 2022 audited monies showed the county holds $11.2 million in in unrestricted monies, referred to as a fun balance.  District One’s John Elliott reminded the meeting that the council has committed to maintaining a healthy reserve account in the case of emergencies or unanticipated pressing financial needs.