Baptist Trust Funds Rebound for Oxford City and Lafayette County
The city of Oxford and Lafayette County saw a substantial increase in their respective trust funds during the last fiscal year. The funds, originating from the sale of the former Baptist Memorial Hospital-North Mississippi hospital on South Lamar in 2012, had previously suffered a hit in 2023 but have now managed to bounce back impressively.
A Positive Fiscal Year for Both City and County
The fiscal year, running from April 1 to March 31, brought delightful news for the city’s trust fund, which saw a rebound from its previous holdings. The city and county had received $30 million each from the sale of the Old Baptist building in 2012. The city chose to invest the entire amount into a trust fund, while the county decided to pay off its debt of $10 million and invest the remaining $20 million into its fund.
As of March 31, the city’s fund reached a total of $39,174,741, a noticable rise from its previous $35,998,064 balance in FY 2022-2023. The fund is about $9 million above its original investment. The city has the privilege of using 3 percent of these funds annually towards its general account.
Funds Allocation for Upcoming Projects
For the fiscal year 2024/2025, running from October 1 through September 30, city leaders have the flexibility to access $1,175,242 from their funds. These funds will aid in financing different projects, along with equipment purchases incorporated in the upcoming budget. The city is currently active in preparing next year’s budget, expected to be approved in September. Since its inception, the city’s fund has facilitated nearly $10 million in payouts generated from interest.
Lafayette County’s Recovery
Last year, Lafayette County could not withdraw any funds from its trust fund; it would have lowered the value below the original $20 million investment. However, good news arrived at the financial year’s end, when the fund’s value rose to $21,686,145, a substantial rise from its $20,057,599 valuation in March of 2023. This financial year, after settling its expenses, supervisors have the possibility to withdraw $575,000.
Since the inception of the fund, the county has received about $4 million, which it has typically used for pavement and repair work on county roads across each district.
Audit Presentation
Ed Maxwell, from the Watkins, Ward and Stafford accounting firm, recently presented both the city and county with their annual Municipal Reserve and Trust Fund Audits during their regular board meetings. The turnaround of these trust funds represents a significant financial achievement for both the city of Oxford and Lafayette County, offering them much-needed funds to further improve and develop their areas.
