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News Story
Updated: 12/18/2013 08:00:03AM

Higher property-value projections help cut into county deficit

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By SCOTT LOCKWOOD

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SARASOTA COUNTY — Sarasota County officials received some good news this week, thanks to a higher-than-expected state projection of taxable property value growth that could shave nearly $4 million from the county’s estimated $22.5 million shortfall in two years.

The state projects that the taxable value for properties in Sarasota County for fiscal year 2014-2015 will rise 5.4 percent — a 1.3 percent jump over the previous projection of 4.1 percent released in August. In FY 2015-16, when the shortfall is expected to hit — due to the county spending more money on operations and projects than it would be making in tax revenue — the figure rises to 5.6 percent. The nearly one-point jump from the original projection of 4.8 percent for that fiscal year takes the projected shortfall of $22.5 million down to $18.6 million. The county’s projections include a 3 percent growth in major revenues and 3 percent growth in most expenditures.

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