ROANOKE - The village board took a step forward into the unknown on Monday, as they pondered financial and other effects of the ongoing coronavirus (COVID-19) pandemic.
As the board took its first look at the upcoming budget, one of their concerns is the possible drop in revenue for the coming year. A large percentage of revenue comes from sales taxes and the village’s share of state income taxes. According to President Mike Smith, the pandemic will likely curb retail sales and employment and possibly cause a drop in revenue, but the exact effect is unknown at this time.
“(The government) is talking about recession,” Smith said. “Sales tax is real important to us and they are also saying there may be a moratorium on income tax.”
Upcoming considerations for the budget include whether to reduce expected income, use discretion in spending, institute a wage freeze, defer action on a project to move electrical controls out of the old water building then raze the building, and purchase only necessities.
See full article on March 19 Woodford County Journal newsstands
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