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Finance Director Provides Overview Of Counties Current Fiscal Status

February 3rd, 2016 by WCBC Radio

The Allegany County Commissioners are set to begin the budget process- and Finance Director Jason Bennett provided an overview of the process and the county’s current fiscal status during the most recent work session. He reports that property taxes in Allegany County have been stagnant for years since the recession and revenues will remain the same with no new growth. Allegany County income tax is estimated at $26 million and will experience slight growth with an expected increase of 3 to 5 percent is projected for next fiscal year. Maryland is the only state that allows all its counties to share in the income tax, adding a piggyback tax of up to 3.2%, which the state collects for the local governments. Commissioner Bill Valentine and Bennett are aware that that local revenue stream could be in jeopardy if Maryland’s Senate President gets his way…


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