From the Terre Haute Tribune-Star:
The City of Terre Haute’s 2013 budget is expected to be approved by state overseers later this week, a city official said Tuesday.
The Indiana Department of Local Government Finance, which gives final approval to all city and county budgets, is expected to approve Terre Haute’s approximately $79-million budget Thursday, said Leslie Ellis, City Controller.
However, the approved version of the budget is “just a starting point” and will need to be adjusted as the year moves along, Ellis said Tuesday.
Assessed property values in Vigo County were down by more than $300 million – or 7.5 percent – in 2012. The biggest drop came in the City of Terre Haute and could result in a loss of between $2 and 3 million dollars in property tax revenue for the city government this year. As a result, individual property tax rates will likely rise, meaning more local taxpayers will hit their 1- 2- or 3 percent property tax cap. That will cost the city an unknown amount in lost revenue, Ellis said, adding it’s still unclear how much revenue the city will actually receive in 2013.
“We will definitely make some more cuts” as 2013 rolls along, Ellis said. “This [approved budget] is just the starting point.”
The city, like other local government entities, receives tax revenue from the state of Indiana in two payments each year. The city’s net payment in December – after deductions were made for the tax caps – was $9.8 million. The payment to the Terre Haute Sanitary District was $3.1 million, Ellis said.
...
http://tribstar.com/local/x273860949/State-set-to-approve-city-s-2013-budget
