The following announcement came from Delegate Herb McMillan regarding a presentation on Monday, May 16, 2011 by Annapolis City Alderman Ross Arnett. Arnett has been a fiscal watchdog for the upcoming budget and has been warning the Council and the mayor of the impending shortages when homes in the area are reassessed this year. The event is to be held at Maryland Hall.
Date: Monday, May 16, 2011Time: 7pm
Where: Maryland Hall Auditorium
Topic: The fiscal future of Annapolis:
How will new property assessments impact the City Budget … and YOU!
Guest Speaker: Alderman Ross Arnett (Ward 8)
In particular, Alderman Arnett will address the forthcoming property assessment cycle which, according to the State Tax Assessor, will show a decline in real estate values. Why is this important? Almost 60% of the City’s Budget comes from property taxes. When taxes decline, so do revenues for the City. With declining revenues to fund City services there are only two options for the City: (1) cut spending or (2) raise property taxes. What do YOU favor?
Taxes are always a controversial issue and Alderman Arnett will discuss the financial challenges confronting the City and what we, as citizen tax-payers can do. We hope you will come prepared to ask questions.
In addition to the City’s FY 2012 Operating Budget, Alderman Arnett will also discuss the FY 2012 Capital Improvements Budget which addresses recommendations and actions for the City’s long-neglected infrastructure, such as the need for a new water-treatment plant. How these plans are handled will be of enormous importance to us and will have a huge financial impact on every citizen.