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St. Mary's County projects $2.4 million FY2011 shortfall; staff proposes $1M stabilization, $500K emergency reserve
Summary
County finance staff told the Board of County Commissioners at a March 8 work session that the FY2011 draft budget shows $188,627,980 in revenues but an estimated $2.4 million shortfall; staff proposed a $1 million revenue stabilization reserve and a $500,000 emergency reserve.
County finance staff told the Board of County Commissioners at a March 8 work session in the Chesapeake Building that the draft FY2011 budget currently shows $188,627,980 in revenue and an unbalanced gap of roughly $2,400,000.
Miss Kramer, a finance staff presenter, summarized the revenue outlook and reserves, saying, “We are, at this point in time, we have a shortfall, an unbalanced budget, a shortfall of $2,400,000.” She told commissioners the draft includes using $3,500,000 of fund balance as revenue replacement and that staff proposes a $1,000,000 revenue stabilization reserve and a $500,000 emergency appropriations reserve.
Why it matters: the draft assumes a property tax environment shaped…
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