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Budget office flags $10.5M FY27 gap; property value compression and BIT concentration are major risks
Summary
County budget staff told the Board their FY27 five‑year forecast begins with an estimated $10.5 million deficit driven by weaker assessed value growth, higher property tax compression, softer business income tax assumptions, and a higher employee COLA (3.3%). Staff urged attention to labor contract risk and to concentrated BIT payer exposure.
Jeff Renfro and County Budget Director Christian Elkin presented the five‑year general fund forecast to the Board, describing an initial FY27 starting shortfall of about $10.5 million driven by four factors: weaker assessed value growth, higher statutory compression on the property tax roll, reduced expectations for business income tax (BIT) growth, and a higher assumed cost‑of‑living adjustment for county employees (3.3% for 2027).
Elkin noted that local real‑market value and development activity have slowed and that several large downtown office properties have declined sharply in market value; that decline has increased compression and…
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