MILTON, DE — With very few revenue streams, Milton is expected to enter the fiscal year 2012 budget year with a deficit of $348,000.
Mayor Cliff Newlands said the town has only enough cash reserves to last another year.
“In our money market account we have just enough to cover [the deficit],” he said. “We have a few dollars on our CDs. Other than that, after this year we’re broke. We have no money.”
The town council worked with the first draft of the budget at a workshop July 26, and council is expected to discuss revenue-producing opportunities at its regular meeting at 6 p.m., Monday, Aug. 1, at the Milton Library. Among items that will be pondered is Newlands’ proposed gross rental receipt tax, which is estimated to generate about $200,000, or a little more than half the budget shortfall.
1 comment:
Bonds?
Do like most of the volunteer firedept. do , by a lot of CDs and claim poverty to the people around their dept..
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