Allegany County to Use Fund Balance to Close Budget Gap

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Allegany County Commissioners reviewed the county’s preliminary FY 2016 budget, which totals $84.6 million, during a work session last week. Commissioners plan to use just under $1 million in fund balance to close a projected budget gap caused by a continued decline in property assessments.

As reported by the Cumberland Times-News,

“It is a loss based on continued stagnant assessments,” said Allegany County Finance Director Jason Bennett. The trend of lower property tax revenue has continued for several years, Bennett said, and next year the county will lose $316,947 from reduced revenue.

Growth in income tax revenue helped county finances a bit, Bennett said. Income tax revenue was up $1.1 million, he said.

The county’s general fund will contribute $949,319 to balancing the budget. “We used a little less than we initially planned to,” Bennett said.

Items funded in the budget include an increase in funding for the Board of Education and the health department. Funding has also been provided for a 3% employee Cost of Living Adjustment.

The preliminary budget can be viewed on the county website.  Commissioners are set to approve the FY 2016 budget on May 28.