The city's budget office expects $32.4 million more in property tax revenue than originally predicted for the current fiscal 2015 year. But the city charter says a surplus from property tax revenue cannot be used to close deficits. Now officials will have to find another way to make up the projected $14.8 million deficit that's being created in part by police overtime spending and disappointing returns from the Horseshoe Casino.
Based on Caesar's estimates of a year ago, the city budgeted $14.6M for ground lease – 90% ($13.2M) in the GF for property tax relief and 10% ($1.4M) in a special fund for school construction. These are the only uses permitted under State law. We are projecting revenue of the minimum $8M payment ($7.2M to the GF).
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Glad their charter acts like a lock-box...now they'll actually have to cut spending - what a concept!
ReplyDeleteThey should do what Delaware does. Decrease taxes to the casino operators and raise admission costs to taxpayers to enter State Parks.
ReplyDeleteI thought the profit from the casinos was going to education? Now they are using it in the budget in Baltimore? Does the profit from casino in Berlin help fund Berlins budget?
ReplyDeleteThe casino in Berlin is not in town limits but most towns get a portion from the casino.
ReplyDelete3:01
ReplyDeleteWhat a great idea lol!
3:26
ReplyDelete1. The Ocean Downs is not in Berlin's jurisdiction so....no.
2. That profit was going to education. In the context of the greater city budget. Hence why it's short. That's how budgets work.
3. Keep asking questions! It's the only way you'll learn more!
3:26 Did you really think it would go to what they said? Haha.
ReplyDeletegubmint authorized gambling is FOR THE CHILDREN!
ReplyDeleteOcean Downs pays to Berlin, Ocean Pines, & Ocean City on the local level.
ReplyDelete