All about the Budget

The 2010 fiscal year means less for Huntington and its’ surrounding businesses. Huntington mayor Kim Wolfe proposed a budget of $39,542,739 for 2010-2011 fiscal year.

The major contributors to this budget come from five different places. The Business and Occupation tax is projected to bring in the most amount at $15,500,000 approximately 39.6 percent of the 2010 proposed budget.

The next highest contributor to the budget is Municipal Service Fees at $6,150,000 about 15.8 percent of the budget.

Property Tax Current comes in third at $4,437,420, 11.3 percent and City Service Fees comes in fourth at $4,428,000, 11.3 percent.

Last but not least the Utility Tax is proposed at $2,200,000 approximately 5.6 percent.

In comparison to the 2009 fiscal year budget, the 2010 budget is approximately $4 million less. Wolfe addressed the issue of the economy and the future of Huntington’s budget if economic struggles should continue in his State of the City Address.

“Unfortunately, as the economic challenges that were broadcast on a national level hit home, we have been forced to reduce that budget for this current year to approximately $40 million,” Wolfe said. “Should the revenues continue to look as they have this current year, we may be forced to see an approximate 10-percent reduction in the revenues that are proposed this year, approximately $5 million.”

The budget for 2008-2009 fiscal year ended at $40,041,199 and the 2009-2010 budget is estimated at to end at $40,374,464 through June 30, 2010. The city made approximately $200,000 more between the two budgets and could possibly see a change like this next year.