NEW ALBANY —
Floyd County’s financial problems are easy to understand. At the end of the year, it is estimated the county will be facing at least a $500,000 deficit.
Trying to come up with a solution to that problem is a little more difficult to figure out.
The Floyd County Council discussed several possibilities Monday at a special work session meeting at the Pine View Government Center. No official action was taken, but Floyd County officeholders will soon be getting a letter from the Floyd County Council asking for ideas and what can be done with individual budgets to help with the financial problems.
While the idea of saying no to all additional appropriations was mentioned as a possibility, some council members said that would not be fair to those who had their budgets cut last year.
“We can’t do this overnight,” said Council President Jim Wathen on fixing the problem after the work session. “John [Schellenberger, 2013 council president] made progress last year even though in his second meeting we were informed we were $3 million short in our budget. We want to work with them [officeholders].”
Floyd County Auditor Scott Clark presented budget information to the council at the special meeting and told them if projections stay on track, the Economic Development Income Tax fund will be $63,236 short and the County Adjusted Gross Income Tax fund will be $451,233 in the red at the end of 2014. The riverboat fund is expected to have a $31,000 surplus at the end of the year, but that can change if gambling revenue is short. He also told them that of the $84,000 in appropriations for January and February, only $12,000 were approved by the Department of Local Government Finance. The county is only expected to have $18,000 left in its general fund at the end of the year if projections stay firm.