From the Clark County News and Tribune:
The Clark County Council approved the county’s budget for the 2014 calendar year Monday, but with a lot of moving parts still at work, expect the numbers to change.
The council approved a total budget of $13.38 million, a number that’s likely to be reduced when the Indiana Department of Local Government Finance issues the county’s budget order early next year.
“Right now, there’s nothing to do until we get our budget order from the state,” Council President Barbara Hollis said. “If we’re above what they’re approved, then we go back to the drawing board and make adjustments at that time.”
The county’s approved budget in 2013 was $12.47 million after taking into account circuit breaker tax credits and the DLGF budget order. According to projections provided by H.J. Umbaugh & Associates, the independent financial advisory firm contracted by the county, the final 2014 budget is estimated to be $12.34 million.
“We’re kind of wondering about our income taxes and so forth that may fluctuate, and it’ll depend on the balance that we have on hand at the end of the year,” Hollis said.
The council is considering adjusting the rates on two taxes, which will impact other local government units. By decreasing the County Adjusted Gross Income Tax, or CAGIT, from 1 percent to .75 percent and increasing the rate on the County Economic Development Income Tax, or CEDIT, the county would come out ahead by about $300,000. Any changes to those rates would need to be approved by the council by Nov. 1, and there is conflicting information on when those rates would actually go into effect.
The rate changes would benefit municipalities in Clark County, but at the detriment of townships, fire departments and libraries. For example, Jeffersonville would receive an additional $257,552, but the Jeffersonville Township Public Library would see a net loss of $165,391.
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http://newsandtribune.com/clarkcounty/x862183781/Clark-council-approves-2014-budgets
