CULVER — The Culver Town Council heard the first reading of the proposed budget for the coming year in their meeting last week.
Culver Clerk-Treasurer Karen Heim outlined the budget for the Council that totals $4,030,964 for the year.
Heim said that she expects the tax reforms passed in Indiana’s Senate Bill 1 (SB 1) to provide property tax relief, will have a direct effect on the Culver budget. Heim said that she expects at least $48,000 less in tax draw for this year.
The Bill provided tax relief primarily through a new 10% homestead property tax credit, capped at $300, and enhanced benefits for seniors and disabled veterans. The bill also includes significant reforms to local income taxes (LIT), requiring annual re-authorization by counties and cities and changing how these funds are distributed.
Heim told the board that the budgeted $3,175,377 in the General Fund would be a deficit of around $426,000, but she also told the board that traditionally, she budgets high and did not expect to spend the entire amount. In any case, she said that the Culver General Fund was healthy and would support the budgeted amount.
The Council will hear the second and possibly third reading of the budget at their meeting on Oct. 9.
