Property taxes fuel county revenue
AUBURN, Calif. – The Placer County Board of Supervisors today approved the county’s final 2019-20 budget of $1 billion, an increase of 3% from the previous year’s budget of $970.9 million.
The board adopted a proposed budget of $960.5 million June 25 for the county’s fiscal year beginning July 1. The final budget reflects updated revenues and costs.
Potential economic slowdown
Property taxes, the county’s largest revenue source, continue to trend upward as property values increase. Sales taxes, transient occupancy taxes and other revenue sources also continue to improve; however, growth from those revenues is expected to soften as financial experts contemplate the potential for an economic slowdown.
One-time budget adjustments for several critical areas were delayed until now to ensure a clear picture of final balances from the last fiscal year. Some of those items included in the final budget are:
- $1.3 million in funding to help purchase the Nahas property near Tahoe City for a possible achievable housing project
- $6 million in funding for the approved Placer County Elections Office warehouse
- $4.2 million in contingency reserves
- $13.3 in capital reserve designation for future county facility projects
- Nearly $270,000 in funding to support the implementation of the Placer County Conservation Program.
This budget includes $85.7 million in road maintenance and engineering projects, which is partly funded by revenues from Senate Bill 1, also known as the ‘gas tax.’
The budget also includes $8.9 million for the Placer County Library fund, which supports the educational, recreational and cultural endeavors of residents in county communities.
“This balanced budget is a reflection that our county’s financial health is strong,” said Board Chair and District 4 Supervisor Kirk Uhler. “It keeps us on track of providing services to our communities and building a solid future with financial responsibility.”