Blackfoot city leaders are just in the early stages of putting together a budget for the upcoming fiscal year (Oct. 1, 2014 thru Sept. 30, 2015); however, they are already bracing for a projected shortfall of about $1 million.
Blackfoot City Treasurer Heather Schild said that the shortfall boils down to "expenses being more than the revenue."
"So many of our costs have gone up. Our medical insurance took a huge jump this year," Schild said. "The council is going to have to take a detailed look at everything and see where we can cut back."
At a budget meeting on Tuesday, Blackfoot Mayor Paul Loomis said that "while the city's $1.1 million carryover fund will offset the deficit, the city is considering raising its tax levy for the first time in six years.
"With an increase, a property tax on a $200,000 property would be about $300," Loomis said.
The first draft of the city's proposed budget will be revealed on Aug. 5 and a public hearing on the budget will be held in Aug. 19 at 7 p.m. at Blackfoot City Hall.