In a recent government meeting, officials emphasized the urgency of finalizing the county's budget and levy ahead of the upcoming tax year, which begins on December 1st. The discussions highlighted the importance of understanding the budgeting and levy processes, particularly as the county anticipates an increase in its equalized assessed value (EAV) from approximately $959 million last year to an estimated $1.126 billion this year.
The proposed levy for the next fiscal year is projected at $6.354 million, reflecting a 5% increase from the previous year. This increase is significant as it requires a truth in taxation hearing if it exceeds the 5% threshold. Officials noted that property taxes will contribute only 23% of the county's total revenue, with the remaining 77% sourced from grants and sales taxes.
Concerns were raised about the sufficiency of the projected revenue increase, which is estimated at just $303,000, against rising expenses such as liability insurance and wage increases. Officials acknowledged that the current budget may not meet the growing financial demands, prompting discussions on potential adjustments to spending or utilizing contingency funds.
The meeting underscored the complexities of the county's financial planning, with officials stressing the need for careful consideration of budget allocations across various departments, including health services and veterans assistance. As the deadline approaches, the board is tasked with making critical decisions to ensure fiscal responsibility while addressing community needs.