By Alyssa Schnugg
News editor
The trust funds from the sale of the former Baptist Memorial Hospital-North Mississippi hospital on South Lamar in 2012 for both the city of Oxford and Lafayette County took a hit this fiscal year, which was no surprise to most of the city and county leaders.
The fiscal year runs from April 1 to March 31 for both accounts.
Both the city and county received $30M in 2012. The city put all $30M into a trust fund. The county chose to pay off its debt at $10M and put the remaining $20M into a trust fund.
As of March 31, the city of Oxford’s total trust equity was $35,998,064, down from March 31, 2022, when it was $39,211,038. The fund is about $6M above the original investment.
The city can choose each year to take 3 percent of funds to use in its general account. For the 2023/2024 city fiscal year, which runs Oct. 1 through Sept. 30, city leaders can choose to take out $1,079,942 to use toward various projects and equipment purchases that will be included in the upcoming budget. The city is currently working on next year’s budget which will be approved in September.
Since its inception, the city has received almost $10M in payouts from the interest of the fund.
However, Lafayette County will not be able to take any funds from its trust fund this year.
The fund’s value on March 31 was $20,057,949, down from March 31, 2022, when the fund was worth $21,643,595.
The County could have withdrawn the $57,949; however, the Board of Supervisors decided they would not do that and will leave the $57K in the fund.
Last year, the county received a $568K payout.
Since the fund’s inception, the county has received about $3.5 million that it traditionally uses to pave and repair county roads in each district.
Ed Maxwell with Watkins, Ward and Stafford accounting firm presented both the city and county their annual Municipal Reserve and Trust Fund Audits during their regular board meetings recently.
