The estimated amount lost to local units of government as a result of the tax caps this year is $10.3 million, as compared to $4.5 million in 2012.
Howard County is losing an additional $901,473 in revenues as a result of the tax caps to a total of $1.6 million. Kokomo’s revenues will decline by an additional $2.6 million this year to a total of $4.6 million as a result of the tax caps.
Richard Miller, president of the Howard County Council, said the increase in lost revenues through the tax caps was anticipated.
“We have reserves,” he said of the county’s general fund balance.
Shepherd said the projects made during the 2013 budget hearings in September are important at that time so the council can anticipate the loss in revenues.
“We fell on the high side of the projections,” she said.