The Daviess County Fiscal Court had the first reading of an ordinance to lower the insurance premium license fee.
“The current insurance premium rate for Daviess County is 8.9 percent,” explained Treasurer Jim Hendrix. “It consists of two increments. The original piece was passed and then amended in the mid-1970s of 4.9 percent.”
“And then the piece that went into effect on July 1, 2009, which was the 4 percent added to do the Convention Center, for the $20 million that the Fiscal Court contributed to that project,” he said.
The Fiscal Court put a sunset clause on the additional 4 percent, with a requirement that the tax be removed once the County collected funds sufficient to pay off the bond.
Originally, the collection was set to expire in 2030 but the County refinanced the debt.
“Because we had over-collected $500,000, we applied that,” Hendrix said. “And then with the drop in interest rate, we were able to cut six years off the term.”
Hendrix said the County continues to over-collect on the insurance premium tax.
“If we did not modify it, we would over-collect by over $1 million by the end of Fiscal Year 2022,” he added.
Therefore, he’s requested to change the rate for the next fiscal year from 8.9 percent to 7.2 percent.
The County anticipates modifying the rate again, effective July 1, 2022, back to the original 4.9%.
“If you’ve got $1,000 of insurance premiums, right now, you would pay $89 on the $1,000 insurance policy,” explained Judge-Executive Al Mattingly. “What we are doing today will take that $89 down to $72. What we will do next year will take that $1,000 policy all the way down to $49.”
Mattingly said the Court is thrilled to be able to pay off the bonds early.
“We’ve all talked about the happy day when we are able to do this for the citizens of Daviess County,” he concluded. “And again, this is for those citizens that live outside the corporate limits of the City of Owensboro and the City of Whitesville.”
Commissioners will formally vote on the ordinance at the second reading scheduled for February 18th.
Playground at Horse Fork Creek Park
Assistant Treasurer Jordan Johnson said the Fiscal Court can proceed with the bidding process for a new inclusive playground at Horse Fork Creek Park. Previously, the Court approved a Memorandum of Agreement (MOA) with the state regarding a $75,000 matching grant for the project.
The playground will be ADA-compliant and fully accessible to children of all abilities. It will be constructed adjacent to the spray park along Fairview Drive.
Johnson said the playground could be finished by the end of the Fiscal Year (June 30).
Other News
The Court approved lease agreements with the Playground Associations for baseball/softball and the Babe Ruth concessions contract.
Commissioners agreed to purchase trap and skeet targets to restock the Daviess County Gun Club ahead of the 2021 season, which begins on March 5th.
The developer of the Whispering Meadows subdivision (Unit 8) requested final release of asphalt street and maintenance bonds. The Court approved the surety bond release.
Wally Taylor has been re-appointed to the Daviess County Property Maintenance Board for a term of February 25, 2021 – February 25, 2024.
Judge-Executive Al Mattingly proclaimed the week of February 7-13 as Food Check-Out Week.
In his remarks, Commissioner George Wathen mentioned the opening of the KYTC Regional Driver Licensing Office at the Daviess County Operations Center (2620 Hwy 81). The new office will process applications for REAL ID or standard licenses.
