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County warned riverboat and personal-property changes will shrink revenue by roughly $3 million
Summary
Officials told the council that gaming (riverboat) revenue has declined and that a planned personal-property exemption increase (from $80,000 to $2,000,000) would reduce taxable accounts dramatically and cut county revenue by roughly $3 million, adding pressure to the general fund.
Representative Pressel and staff warned the council that riverboat (gaming) revenue has been eroding and should not be relied upon as a stable long-term revenue source. Pressel said competition from nearby casinos and new betting channels has reduced gaming receipts and urged the council to seek alternative revenue sources.
Staff explained the personal-property exemption changes anticipated for 2027 will raise the exemption from $80,000 to $2,000,000. "We go from over 1,600 taxpayers and 25 paying this year and 26 to a 165 taxpayers," staff said, describing an administrative and assessed-value impact that staff estimated would reduce revenue by just under $3,000,000. Council members discussed potential offsets such as levy changes or other revenue strategies but emphasized the need for careful planning given the projected shortfall.
The council did not act at the workshop but directed staff to refine revenue projections and identify possible mitigations before the budget hearings.
