Press Release - GC Government Preliminary Fiscal Year 2015 Budget Forecast
Contact: Monty Pagenhardt, County Administrator
Date: December 4, 2013
Preliminary Fiscal Year 2015 budget forecasts and property gross assessable base calculations for Garrett County reflected an estimated reduction in real property tax revenue of $2.7 million. On November 30, the State of Maryland Department of Assessments and Taxation produced valued assessable base calculations, which now confirm a projected loss of $3.2 million in property tax revenue. This additional loss of estimated revenue coupled with the loss of $2.2 million revenue for the Garrett County Public School System equates to a total projected loss of $5.4 million for Fiscal Year 2015. The contraction of property tax revenue over the past 3 fiscal years equates to a loss of actual revenue of $2.8 million or 5.85%. The most updated assessable base estimates are available at http://www.dat.state.md.us/
The Board of County Commissioners, County Administrator, and Department of Financial Services senior staff have been working on long-term budgetary planning and a budget proposal to be presented publically. The Board has reviewed a Fiscal Year 2014 to 2017 structural deficit model that includes estimated revenue, operating expenses, and capital outlay/projects. This forecast and assumptions for appropriating public funding for all County Government departments, component units, and offices will be part of the public presentation which will disclose a preliminary Garrett County Government Fiscal Year 2015 Budget to include the appropriation level for the Garrett County Public School System.
Questions on this matter can be addressed to Monty Pagenhardt, County Administrator.