| Thursday, September 13, 2007 4:42 PM CDT |
Woodford to OK budget
EUREKA – The Woodford County Board will vote on a $16.4 million budget next week that includes plans for a 21 percent decrease in property taxes.
The budget should face little or no opposition since the Finance Committee of the Whole, which includes all board members, voted unanimously to pass the budget on to the full board meeting on Sept. 18.
County Administrator Greg Jackson said the total property tax levy of $2.8 million last year is expected to be reduced to $2.2 million in the coming fiscal year, which begins Dec. 1.
The county’s levy represents about 5 percent of a taxpayer’s overall tax bill.
Reserves in the general fund allowed the county to eliminate the $625,000 levy, which supports that fund, for the second time in the past 10 years.
“The board decided that it was not in the best interest of the residents of the county to sit on a reserve that was greater than 30 percent,” said Jackson.
While general fund expenses are going up from $6.8 million to $7 million, zeroing out the levy will bring revenue down from $6.5 million to $5.9 million. A reserve of $2.7 million is anticipated for the end of the next fiscal year on Nov. 30, 2008. That represents about 39 percent of the total expenses.
“You should have about 30 percent in reserve for contingencies and emergencies,” said Jackson. “Our anticipation, as long as we have a strong reserve, is to give that money back to the taxpayers. It’s about the government doing the right thing with the peoples’ money.”
Having a budget completed in September is also unusual for Woodford County. In the past, boards have had budget meetings on the evening of the Nov. 30 deadline.
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