Worcester County Commissioners heard news from their Budget Officers this week that the next few budget cycles will be impacted by actions of the General Assembly, continued unemployment projections and a decrease in the assessable base for property tax revenues. The county has experienced a large decline in their general fund since 2009, as reported in the Delmarva Daily Times.
Many of the reassessments have decreased the paper value of land, and the assessable base is expected to be $17.7 billion in 2012. It was $20.4 billion in 2009.
“We have experienced a $26.3 million decrease from the peak in fiscal year 2009 in the budget’s general fund,” said Thompson, the assistant finance officer.
Additional budget challenges in future years include the possible transfer of teacher pensions and retirement, if approved by the state legislature, to counties. The potential transfer would cost the county between $2.5 and $7 million annually.The actual budget process for Worcester County is affected when the state legislature approves the Maryland budget.