Worcester County officials are projecting sluggish revenue growth as Commissioners begin their annual budget process. As reported by The Dispatch,
Finance Officer Phil Thompson told the Worcester County Commissioners last Thursday that property tax revenue was still down and that the county’s budget stabilization funds were nearly depleted.
Thompson said Worcester County’s assessable tax base had decreased from more than $20 billion in FY 2009 to just under $15 billion in FY 2015.
Based on recent estimates, the assessable base will continue to decline in FY 2016, but increase to slightly more than $15 billion in FY 2017.
Property taxes, which amounted to $126 million in revenue in FY 2012, are expected to drop to $117.7 million in FY 2016. Income tax revenue has also shown a decline in recent years. Although the county received $13.1 million from income taxes in 2009, that revenue stream is expected to amount to just $12.4 million in FY 2016.