Judul : Wellsville mayor on upcoming budget - "We have some tough decisions to make"
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Wellsville mayor on upcoming budget - "We have some tough decisions to make"
The impacts of the loss of Kmart in the Village of Wellsville are now being felt more deeply. Mayor Randy Shayler told the Village Board Monday night they needed to begin preparing for the next fiscal year's budget. Shayler said, from his standpoint, "available revenue" is one of his primary concerns.
He said the total assessed value in Wellsville has dropped $2.8 million with $2.4 million of that the result of the department of Kmart in the Riverwalk Plaza. That drop, Shayler said, reduces village revenue by $50,000. Just to offset the loss of revenue, a tax rate increase of 2.25% would be required. The property tax cap is set at 1.78%. Factoring in inflation, the potential tax hike could increase even more. Shayler said "we have tough decisions to make."
from Wellsville Regional News (dot) com https://ift.tt/37UL5OF
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