Lincoln Mayor Leirion Gaylor Baird is facing some challenges with the city’s two year budget.
Mayor Gaylor Baird proposes using cash reserves to make up the difference the first year….and using some of the increase in projected property tax revenue from recent property revaluation increases.
That will mean a higher property tax bill for those Lincolnites whose property value went up in the recent revaluations. Mayor Gaylor Baird is also proposing making three million dollars in cuts.
Mayor Gaylor Baird is also proposing making three million dollars in cuts.
As the City approaches the mid-point of the 2018-2020 biennium, the City Finance Department is projecting a $2.66 million shortfall for the current 2018-2019 fiscal year and a $4.13 million shortfall for the 2019-2020 fiscal year due to aggressive sales tax projections and lagging sales tax receipts.
|Budget Year||Projected Sales Tax||Anticipated Receipts||Difference|
|2018-19||$ 80,620,335.00||$ 77,957,341.00||$ (2,662,994.00)|
|2019-20||$ 83,643,597.00||$ 79,516,488.00||$ (4,127,109.00)|
|Total||$ 164,263,932.00||$ 157,473,829.00||$ (6,790,103.00)|