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For the first time in three years, Los Alamos County staff anticipates a slight increase in county revenues, reversing the downward trend of the past three years.
Gross Receipts Tax (GRT) collection dropped 20 percent during that period, and the county originally projected another 5 percent decrease for FY2015.
Now, with the federal government budget adopted in January 2014, the county projects a 2 percent increase in GRT. Council directed staff to prepare a flat budget, rather than one with another 5 percent reduction in expenditures, as originally proposed.
This is the first year of a new biennial cycle, when staff will present proposed budgets for FY2015 and FY2016.
General Fund revenues for FY2015 are projected to be $1.3 million higher, or 2 percent, than in FY2014, for a total of $56.8 million. The majority of that is due to increased spending from Los Alamos National Laboratory, but the new Smith’s Marketplace is also expected to bump up GRT revenues.
Staff is proposing $46.7 million in expenditures, $1.4 million (or 3 percent) higher in Y2015 than in the FY2014 adopted budget. The majority of the increase is from transferring salaries and benefits for project managers from the CIP fund to the General Fund.
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