Spindale Board hears report on property tax base
The Spindale Board heard a report from Town Manager Cameron McHargue on the status of the ad valorem property tax base during their regular town meeting on Monday.
According to McHargue, he recently learned that the town's ad valorem tax base as reported by the county tax office during the 2012-13 budget preparations was inaccurate.
"The reported $181,025,000 is actually $171,315,673, a difference of $9,709,327 due to the systematic shutdown of Watts Regulator/Regtrol," McHargue said in his letter to the board. "Since we budgeted this year according to the available figures at that time, this equates to a projected General Fund property-tax revenue shortfall of approximately $70,000."
McHargue says that this shortage will impact the General Fund only. Staff is anticipating a total shortfall of approximately $150,000 for the 2013-14 budget year.
"For the past five budget years that I have been employed by the town, I have witnessed a $3 million General Fund be cut to $2.4 million without a change in service levels. We cannot do that anymore. It is not going to happen. We are trying to do too many things with the pocketbook that we have," McHargue said. "Answers are available to this, but they are going to be tough."
Other new business included a presentation by Library Director Amy Taylor on a regional proposal from the CMC Library Consortium of Rutherford and Polk Counties concerning library amnesty during National Library Week (April 14-20). The board agreed to let Taylor participate in the amnesty with the other public libraries in the counties.
The board also approved an audit contract with Martin, Starnes and Associates for $19,500 and offered McHargue a $1,000 bonus for his work during the past year.
The next regular meeting will be Monday, March 18 at 6:30 p.m, at the Spindale House.