Journal Express, Knoxville, IA

Local News

February 7, 2013

Fair Board approves money move, improvements

Knoxville — The Marion County Fair Board met in regular session Monday night. Plans discussed include a money transfer and improvements to facilities at the Knoxville Raceway and Fairgrounds. 

Gary Schumacher, who handles the board's finances, told the board that the organization had too much money at Valley Bank. The Federal Deposit Insurance Corporation (FDIC) has reverted back to the former figure of insuring up to $250,000 per account holder. To protect the board's funds, some of the money will be transferred Leighton State Bank and Marion County Bank in Pella, as well as Wells Fargo Bank. 

"We're going to need to move some money for safeguarding," Schumacher said. Board members were curious about how other tracks protect their money. Schumacher said he was unsure he would be able to find out, as most other race tracks are privately owned. 

In banking terms, the board - which operates both the Knoxville Raceway and the Marion County Fair - is seen as one entity with one tax identification number. All money for both of these purposes is linked to the board. The board could invest funds, and if the board chooses to do so, Schumacher encouraged members to find conservative, safe investments. 

Facility Improvements to be made

Improvements are coming to the suites at the Knoxville Raceway. General Manager Brian Stickel said a new roof will be placed on the suites. 

The current roof is good for 20 years, and the suites have reached that age. Improvements, such as new carpet, are made to some suites every year. Stickel's goal is to implement a rotation for improvements to the facilities so they are improved on a regular basis. 

The Knoxville Raceway Charitable Organization's building, below the grandstands at the track, is going to see improvements as well. Stickel said a portion of the existing building will be torn down and replaced. 

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