The recent sale of the Tenaska Ferndale Cogeneration Station to Puget Sound Energy resulted in a significant chunk of tax revenue to the state and Whatcom County.
According to the Whatcom County Treasurer’s Office, the sale price for the facility was $79.9 million, with the excise tax totaling $1.4 million. Nearly $400,000 goes to Whatcom County in the form of a Real Estate Excise Tax. REET funding is restricted in terms of how it can be spent by the county.
Treasurer Steve Oliver said that while the money doesn’t go into the county’s general fund, it could help fund a number of capital projects and uses under consideration by the County Council.
Dave,
Have you ever looked into just how much money Whatcom County has socked away? If you go here:
http://www.whatcomcounty.us/treasurer/pdf/cash_graphs.pdf
You’ll see we have over $133 million dollars in cash. If that sounds like an excessive amount, it is. It’s grown by nearly $70 million 2001 to present.
Why does the County need so much money? Nobody knows.