The Zionsville Town Council hopes that no more cuts need to be made to the 2013 proposed budget.
The council sent the proposal to the county for review before sending it to the Indiana Department of Local Government Finance.
More than $2.75 million has been made in cuts from the first budget draft.
“We are having to cut our budget because we are having to dip into our reserves, which we didn’t think was prudent,” Council President Tim Haak said. “Right now, we have to use about $700,000 in our reserves to balance the budget, but we think that, conservatively, by the end of the year we’ll have a balanced budget without having to do that.”
Haak said the reason for the budget cuts is because of property tax caps.
“We’re needing to make the cuts with assessed value being lower and being in a sluggish economy,” he said in reference to the value decreasing over the past several years. “Since the property tax cap receipts are lower, there’s just not enough revenue.
See Wednesday’s Times Sentinel for the full story.