Madison County commissioners will approve the county government budget for 2013 on Nov. 5.
The $13.59 million budget is down slightly from this year’s $13.74 million budget. But local tax revenues are also down $1 million due to a 13-percent decrease in the county’s digest (overall property value). That means the local government faces a revenue shortfall in 2013.
But that shortfall may not be as bad as initially anticipated. The BOC recently agreed by a 4-1 vote — with commissioner John Pethel providing the lone “No” — to cover a projected $640,458 revenue shortfall with cash reserves, which are expected to be between $5-6 million at the end of the year.
The BOC held a budget public hearing Monday and commissioner chairman Anthony Dove reported that the shortfall may be approximately $200,000 less than originally projected. He noted that the insurance premium revenues for 2012 are $70,000 more than projected. The county budgeted for a significant drop in those revenues in 2013, but that drop may not actually happen. He said counties are now getting some pre-paid cell phone revenues, which previously had just gone to the state government. Likewise, Local Purpose Local Option Sales Tax (LOST) revenues will probably be $40,000 more than projected.
“Right now, the data says we could up the projection (of revenues) by close to $200,000” said Dove.