General News: New Budget Forecasts Revenue Drop
October 15, 2009
Spending by the town of Cornwall may be going up only $20,000 in 2010 but revenue from the state is projected to go down by 25%. That’s the outlook in the new tentative $10.4 million budget under discussion at Town Hall. In it, mortgage tax revenues are forecast to drop from $400,000 to $300,000.
Already this year revenue is coming in slowly. Only $118,000 of the projected $400,000 has been added to the balance sheet so far.
Town councilmembers will be getting together tonight, October 15 and again on October 20 and 26 to discuss the details of the budget. The proposed budget will be the topic of a public hearing on November 12 at 7 p.m. Copies of the tentative budget are on file at the town clerk’s office.
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