Property tax caps expected to deplete St. Joseph County cash reserves by 2018

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By: Krystal Vivian kvivian@953mnc.com

(Source: https://goo.gl/OJt5av License: https://goo.gl/OOAQfn)

St. Joseph County is expected to have $3.9 million in its general fund at the end of 2016, but that number will likely drop to only $371,000 at the end of 2017 and could be $2 million in the red by the end of 2018.

That’s according to Cender & Co., who looked into how the impending state Circuit Breaker property tax caps will affect the county government budget, the South Bend Tribune reported.

Cender & Co. projects the year-end balances to drop to minus $3.6 million at the end of 2019 and minus $6.2 million in 2020 if the county doesn’t change its current budget.

County officials are trying to plan ahead for the property tax caps and expect to reduce spending, though the details on exactly how the county will reduce spending have not yet been hammered out.

“It looks to me like there are still some moving parts in all of this,” Council member Jamie O’Brien, a Republican, told the South Bend Tribune. “We’ve got to look closely at reducing spending.”

Find out more about possible plans to reduce spending in St. Joseph County government in the story from the South Bend Tribune.