Wed December 18, 2013
Cincinnati projected deficit for FY2015 is $16 million
Cincinnati officials are showing a nearly $16 million General Fund deficit for the next budget year starting July 1st.
The information is contained in a tentative tax budget city council's Budget and Finance Committee will consider during a public hearing on January 6th. The document must be provided to the Hamilton County Auditor by January 20th. That office will use it to set the property tax millage rate for 2015 based on estimated property valuation.
The tentative tax budget shows general fund revenues of about $361.8 million and expenses of $379.4 million. The actual deficit number will likely be lower because of expense savings in the current budget and carryover money.
The projected operating, or general fund, property tax millage is expected for be 5.6 mills for FY2015, which is slightly lower than current 5.7 mills. That would result in revenue estimated at $28.9 million.
The projected millage rate to cover debt service (capital projects) will remain at 6.5 mills for FY 2015.
Action on the tentative tax budget is Council's only opportunity to set property tax rates.
The projected FY2015 general fund deficit is lower than predicted by the previous city administration. That number at one time was $21 million.