Caroline County Commissioners recently held a roundtable discussion with county departments to begin the process of balancing the county’s fiscal 2015 budget. Based on budget requests, Caroline County’s general fund budget totals almost $44 million, $1.3 million more than the fiscal 2014 approved budget.
As reported by MyEasternShoreMD.com:
Commissioners said they are facing a $900,000 deficit in the Fiscal Year 2015 budget, due to a loss of property tax revenue thanks to lower assessed values in the central part of the county, and increased price of state mandates, like the shift in teacher pension costs to local governments, which are in the second year of a five-year phase-in.
“We need to find another $900,000, either by cutting expenses or increasing revenues,” said Commission Vice President Larry Porter.
Even if property tax rates were raised another 2 cents to provide the same amount of tax revenue as last year — which would bring the rate to 96 cents per $100 of assessed value — that would only cut the deficit in half, said County Administrator Ken Decker.
Commissioners will also begin work on their fiscal 2015 Capital Improvement Program.