Mahoning commissioners borrow money for many projects

YOUNGSTOWN — Mahoning County Commissioners unanimously approved $21,493,000 worth of borrowing in 22 resolutions covering a wide range of projects.

Of the total approved Monday, $12,280,000 was to retire old debt, and $9,213,000 was newly acquired debt.

The $21,493,000 represents slightly less than half of the county’s total debt of about $45 million.

The borrowing comes at a time of uncertainty regarding the county’s sales and gasoline tax revenues during the current national economic slump.

The Ohio Department of Taxation’s estimate of the county’s sales tax revenue shows a minimal decline in November, but that was preceded by a 1 percent cumulative growth in the first 10 months of this year, said County Administrator George J. Tablack.

“We’re trying to be sensitive to the effect of the economy on our revenues,” Tablack said.

The county has two half-percent sales taxes, each generating about $14 million annually for its general fund, from which about $60 million is being spent this year. The general fund is the county’s main operating fund.

Read more in Tuesday’s Vindicator and Vindy.com