Tippecanoe County Officials Looking At Long-Range Forecast Before Setting 2015 Budget
In advance of budget hearings later this summer to establish a spending plan for 2015, Tippecanoe County officials are looking at the long-range economic forecast.
Financial consultant Greg Guerrettaz says while the county has kept its head above water during recent tight financial times, there could be tougher times ahead.
He expects little if any growth in revenue, but potentially large increases in expenses such as health care and fuel and electricity.
"We know each county is heading toward a brick wall," Guerrettaz says. "The question is are you going to tap it, go around it, or hit it very hard. Our goal is to go around it in a managed way. This is a very large business. Hundreds of millions of dollars are involved. We've got to manage it like a business."
Guerrettaz says one area of possible growth on the revenue side is in the income tax.
He says some counties have generated millions in revenue by establishing a Food and Beverage Tax.
The idea has been discussed frequently over the past 15 years or so, but never implemented.