Listen Live

Budget Committee Proposes Using General Fund to Bring Taxes Below State Cap

Local News

A special Budget and Finance committee meeting was held yesterday (October 28), where Cortland Legislators moved to use a total of $1.7M from the General Fund to balance the 2020 budget, bringing next year’s proposed tax increase under the state cap.

The measure would bring the new expected tax increase to an average of under 3.25%, which will vary slightly in each municipality.

Legislators have been trying to figure ways to cover a more than $2M deficit without having to pull from the General Fund, which serves as somewhat of a savings account for the county.

It became their last practical option after more than a month of budget workshops resulted in no spending cut proposals.

Another special meeting has now been planned for tomorrow evening (October 30) in order to present a new tentative budget with these changes to the full Legislature.

If they’re approved, a potential vote could be taken on officially adopting a 2020 County Budget.

Budget chairman George Wagner did say last night that he would still like to get the tax cap override approved, in order to safeguard against any costly miscalculations in the budget, which occurred as recently as 2016 in Cortland County.

Additionally, the proposal to raise the county’s Constitutional Tax Limit (CTL) metric from 1.5% to 2% will again be raised tomorrow night, which would reduce the county’s use of the limit from 94% to around 85%.

Tomorrow night’s meeting begins at 6:00. Stay tuned with WXHC News for all the details.

Related Articles Is Powered By:
Powered By
© 2020. Eves Broadcasting Inc. Site By Eves Digital

Back to Top