Updated: Oct 2, 2021
MOUND CITY – With the construction of the Linn County Law Enforcement Center nearing the midway point, County Clerk David Lamb gave a positive financial report on the project on Monday, Aug. 9.
Lamb told the commissioners that looking back since 2019, the bond proceeds from selling the bonds were $13.3 million and so far the expenses taken out have been $4.9 million. This amount did not include the payment request that was presented on Monday for about $948,000.
In addition to that is $1.3 million the county has spent out of other funds. Lamb said that he looked back at the original plan that allowed for $3.1 million in county funds to be spent on the project.
The total spent so far on the project is $6.2 million, Lamb said. That leaves $13.3 million from the bonds and $1.8 million from the county funds for a total of $15.1 million available to complete the project.
Earlier this summer, the commission received notice of a change order from the contractor for about $195,000 for electrical work that Goldberg Group, the architectural firm, forgot to include in the original specifications for the bid. Commissioners balked at paying that additional amount, and the architects finally agreed to absorb that cost.
“We are really setting just fine on the costs of the project,” said Lamb. “It’s enough to cover everything as the project sits right now and actually have a little bit left over at the end. So there is no issue there with having the funds to complete this project with the current estimate of the cost.”
Lamb reported that he also went through and recorded what the county had collected in sales tax income each year and what was paid out on the bonds. Currently, the county has a balance of $674,000 in the sales tax bond fund and – estimating the rest of the year’s sales tax based on what the county did for the first part of the year – the county will collect another $484,000. That will bring the county to $1.16 million collected in the sales tax fund this year.
There is another interest payment due at the end of the year which will make the county’s total payments on the bond issue this year $913,000, Lamb said. That will actually increase the county’s balance in that fund this year by $250,000 and will give the county $924,000 sitting in the debt service fund at the end of the year.