From the Kokomo Tribune:
Damage costs from the April flooding in the city of Tipton are expected to exceed $2.5 million and result in the displacement of a large number of residents.
...
Havens said the flood debris and landfill costs could be equal to 10 percent of the city’s $3 million tax revenue once all the expenditures are determined.
“We have worked hard in the hope the state and federal governments will find we’re eligible for public assistance,” he said. “Right now we’re taking the money from our operating balance.”
Havens said if there is no reimbursement from the state and federal government, it will impact the city’s budget for the remainder of the year.
In his impact statement, Havens said approximately 5 percent of the population has been displaced, the property tax base will decline by 8 to 10 percent and the private losses to real and personal property will exceed $2.5 million.
Havens said the flood disproportionately affected lower income and lesser educated individuals in the community.
The long-term impact could be the abandonment of up to 10 percent of the damaged properties, loss of population, and need to repair infrastructure damaged by water flow and penetration.
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http://kokomotribune.com/local/x6225454/Tipton-flood-losses-could-top-2-5-million
