The Greeneville City Council held the first of three scheduled workshops Tuesday, and the initial numbers indicate a tax increase, or some variation of adjustments will be needed in order to balance the budget document.
Meeting at the GEA building an hour prior to the City Council meeting, Finance Director Lora Young told the board there is a current $430,000 gap in projected revenues and expenditures, which if balanced totally with property tax monies would require a seven cent increase.
A smaller tax increase combined with the use of some rainy day fund balance monies could also be considered. The town has had to dip into the fund balance the past three years in order to help balance the overall budget.
Young says the shortages could be similar the following tax year as well, and she, in answer to a suggestion from Tim Teague, is hopeful of developing a plan to lessen the financial pain during each of the next two tax years. Doing so it is hoped would not have property owners facing the same issues during the 2028-2029 fiscal year, which is also when certified tax rates will be determined locally.
The next budget workshop is on Tuesday, April 28 at 4:00 pm also at the GEA building.
