Terrace Park council approves emergency resolutions for tax advances and insurance renewal

The Village of Terrace Park council voted Feb. 13 to adopt two emergency resolutions intended to ease near-term cash flow and secure insurance coverage.

Finance chair Mr. LeMay introduced Resolution No. 2-1-2024, asking the Hamilton County auditor to advance the village’s tax revenues during 2024 under Ohio Revised Code § 321.34. LeMay told council, “So Katie, thank you for doing this. It simply asks Hamilton County to advance our tax revenues, as soon as possible,” and said the village would receive funds roughly 30 days earlier, yielding meaningful interest earnings.

Council moved and approved the resolution by voice vote and then voted to adopt it as an emergency so the advances could occur without delay. The emergency-adoption motion — “I move to adopt the resolution as an emergency” — was made and seconded and carried by aye votes recorded during the meeting.

LeMay also introduced a second emergency resolution to continue the village’s insurance coverage under the Ohio Government Risk Management Plan and to authorize premium payment not to exceed $31,030. LeMay stated the village’s risk-management program and training helped keep rates low and that the village had obtained $1,000,000 of additional coverage after a small increase in capital-asset valuations.

Council seconded and approved the insurance resolution and then voted to adopt it as an emergency. The measures passed by voice vote during the meeting; the council did not delay adoption for later consideration.

What happens next: The tax-advance resolution asks the county auditor to make earlier disbursements; the insurance resolution authorizes payment up to the stated limit. No implementation timeline beyond the emergency adoption was specified at the meeting.