County Passes Rural County Capital Fund Disbursement Policy
 
Posted on Tuesday January 31, 2017
 
The Board of Benton County Commissioners has established a disbursement policy for Rural County Capital Funds, to be used for qualifying economic development capital projects.
 

COUNTY PASSES RURAL COUNTY CAPITAL FUND DISBURSEMENT POLICY

Cities and Ports to use funds for economic development and capital projects

Prosser, WA – The Board of Benton County Commissioners has established a disbursement policy for Rural County Capital Funds, to be used for qualifying economic development capital projects.

Use of these funds is distributed according to an allocation formula previously established and is a non-competitive funding process. All cities and ports have an allocated amount to be used in accordance with RCW 82.14.370, with the County determining whether or not project proposals qualify under the policy and State statute.

Entity    Bulk Allocation as of 03/31/16          Accumulated Since           Total as of 12/31/16
Benton County 1,446,552.57 323,093.49 1,769,646.06
Port of Kennewick 553,582.15 323,093.49 876,675.64
Port of Benton 553,582.15 323,093.49 876,675.64
City of Kennewick 913,359.94 533,074.73 1,446,434.67
City of Richland 825,313.05 481,686.92 1,306,999.97
City of Prosser 553,582.15 323,093.49 876,675.64
City of West Richland        553,582.15
323,093.49
876,675.64
City of Benton City 553,582.15
323,093.49
876,675.64
TOTAL $    5,953,136.31 $    2,953,322.62 $    8,906,458.93

History of Benton County Rural County Capital Fund
Following statutory authority provided by the Legislature, the Benton County Rural County Capital Fund was established in 1998 for the purpose of leveraging new projects in the community that would create jobs and diversify the economy.  The account is funded by a sales tax rebate and is not an additional tax.  The rebate is pulled from existing Washington State Sales Tax, with 0.09 percent (0.09%) of the revenue being placed in the fund. This rebate from Washington State is then used by the County and potentially disbursed to the Cities and/or Ports for use on economic development projects that meet statutory requirements.

Phase 1
Between 1998 and 2002, the County had a disbursement policy similar to the one currently being implemented, in which cities and ports received funds for economic development and capital projects. A total of eleven projects were funded for a total of $2.1 million.

Phase 2
In January 2002, the County and Cities of Kennewick, Prosser, Richland, and West Richland signed an Amended and Restated Debt Participation Agreement, deciding to use the Rural County Capital Fund to repay a portion of the non-voted, general obligation bonds that were used to expand the Benton County Jail and District Court. Over the past fifteen years, the Rural County Capital Fund has been used by the County to repay the remaining debt obligation for the bonds. The balance of the Fund has been sufficient to meet the remaining principal and interest balance on the bonds, resulting in a cash reserve.

Phase 3
Now that sufficient funds have been collected to retire debt, the County and Cities have signed a termination agreement to end the debt participation agreement – therefore allowing for use of the remaining Rural County Capital Fund balance and all future funds that accumulate in the Rural County Capital Fund for other economic development projects in accordance with RCW 82.14.370

The County has now implemented a policy for the disbursement of funds to cities and ports to use for qualifying economic development and capital projects.

About Benton County
Benton County is a located in south-central Washington. The county seat is located in Prosser, and its largest city is Kennewick. Benton County was created on March 8, 1905 and was named after U.S. Senator Thomas Hart Benton. Benton County operates under the plural executive form of government with three commissioners and seven other elected officials. Benton County has offices located in Prosser, Kennewick, and Richland. For more information, please visit www.co.benton.wa.us.

 

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Entity Bulk Allocation as of 03/31/16       Accumulated Since        Total as of 12/31/16
Benton County
1,446,552.57 323,093.49 1,769,646.06
Port of Kennewick 553,582.15 323,093.49 876,675.64
Port of Benton  553,582.15 323,093.49
876,675.64
City of Kennewick 913,359.94 533,074.73
1,446,434.67
City of Richland 825,313.05 481,686.92 1,306,999.97
City of Prosser 553,582.15 323,093.49 876,675.64
City of West Richland 553,582.15 323,093.49 876,675.64
City of Benton City 553,582.15 323,093.49 876,675.64
TOTAL  $    5,953,136.31 $    2,953,322.62 $    8,906,458.93

Entity Bulk Allocation as of 03/31/16       Accumulated Since        Total as of 12/31/16
Benton County
1,446,552.57 323,093.49 1,769,646.06
Port of Kennewick 553,582.15 323,093.49 876,675.64
Port of Benton  553,582.15 323,093.49
876,675.64
City of Kennewick 913,359.94 533,074.73
1,446,434.67
City of Richland 825,313.05 481,686.92 1,306,999.97
City of Prosser 553,582.15 323,093.49 876,675.64
City of West Richland 553,582.15 323,093.49 876,675.64
City of Benton City 553,582.15 323,093.49 876,675.64
TOTAL  $    5,953,136.31 $    2,953,322.62 $    8,906,458.93


 

 
Benton County    620 Market Street    Prosser, Washington 99350
Phone: (509) 786-5710 or (509) 783-1310
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