Putnam County Penny Rate values projected to increase property tax revenues for the county and the school system of some $800,000 each.
The rate is the amount of money generated by a penny on a county’s property tax rate. Mayor Randy Porter told the Budget Committee Thursday night that the county property assessor projects about $220,000.
“From prior years, we have had large increases, and we’ve had smaller increases but that’s pretty good as far as new construction goes,” Porter said.
Porter said the increase is based off of new construction and property values in the county. About $10,000 the amount of money that the penny rate in Putnam County is expected to increase next fiscal year.
Overall, Porter said the proposed budget includes $41.6 million of revenue. Porter said as the proposed budget stands today, expenditures amount to 47.2 million.
“If you did nothing and passed it exactly like it is, that would drop your fund balance to an estimated $12,289,000,” Porter said. “If we have a million dollars left over in the budget like we normally do, that leaves you about $4,556,000 in the hole or fund balance at about $13,289,000. That’s if you did nothing except pass it as it is.”
Porter said he would like the fund balance to stay above $15 million. Committee Chair Ben Rogers said considering Putnam County’s size, the committee should try to keep the fund balance at about 25 percent of the whole budget.
“You’re a $4.5 million proposed lost,” Rogers said. “The only revenue that we completely control as a commission is property tax. I’ve been asked by some of you if we have options, and we do have option.”
Rogers said that could possibly mean cutting positions requested by department heads. Rogers said those options should be ready to share by Monday night when the committee gathers once again.
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