Thursday, June 26, 2014

Times Reports Portage Budget in Good Shape after Tax Draw

From the Northwest Indiana Times:

The city's financial situation is "good, not great" after officials received word of the spring tax draw.
Clerk-Treasurer Chris Stidham said this week that there likely won't be any adjustments to the city's budget after the city received word that it has won its excess levy appeal and tax collections seem to be up.
"It's good, not great," he said.
The city won the $650,000 excess levy appeal based on previous year's shortfalls due to property tax appeals.
In 2013, the city received about 90 percent of its tax money. Both Stidham and Mayor James Snyder said if the spring draw is any indication, taxes collected in 2014 will be above that mark.
"Last year the two draws were less than the four previous years," Snyder said. "I believe the appeals have finally been settle and we took the brunt of it last year."
"Last year was a pretty big hiccup," he said.
Stidham said assessments lag behind the economy and they had been declining, which hurt the city's collections. However, he believes the assessments have bottomed out and will be able to help counter the effects of tax caps.
Stidham said they based this year's budget on 90 percent collection rates.
"We have enough to pay for our budget," Stidham said.