Tough times are ahead for Monroe County finances according to Councilman Geoff McKim. Budget hearing begins next month and McKim says the county can expect to have an even smaller budget than in 2011.
“We’ve had some recent bad economic news that I think we’ve been talking about quite a bit,” he said. “Our income tax revenues from the county as a whole are down.”
In addition to the cuts next year, even if more property taxes are available in coming years, the county may not have those funds available for use.
“Because of overpayment from the state in the past,” he said, “it looks like we’re going to have to, along with many other counties in the state, to take any growth for future income tax revenues and use them to pay back this overpayment.”
McKim estimates it may be three or four years before the county budget will be able to grow any larger than the estimated $30 million it was in 2011. The budget hearings are scheduled to begin September 13th.