Phelps County releases transaction details after mismanagement allegations
HOLDREGE, Neb. —
A Phelps County organization released detailed information about its monetary transactions, following accusations that its funds were being mishandled.
The Phelps County Development Corporation said in a press release that $162,500 of the funding in question was transferred from its LB840 bank account in 2015 to its general fund account.
LB840 is also known as the Local Option Municipal Economic Development Act, which authorizes incorporated cities and villages to collect and appropriate local tax dollars—including sales and/or property tax, if approved by the local voters—for economic development purposes.
The press release came after Holdrege mayoral candidate Joe Melton released a video on July 9 alleging that the $162,500 in question was missing, and the city council hadn't noticed.