The number of retiring Genesee County workers over the next two years could increase county expenses by as much as $3 million.
That's according to figures released Wednesday by County Treasurer Scott German at the Ways and Means Committee meeting.
Afterward, he said the looming increase is troublesome.
"I’m very concerned about that because I’m not sure how we’re going to be able to come up with that kind of money without raising taxes," German said.
In other items German shared with the legislators:
- The recent tax foreclosure auction turned a slight profit for the county of $6,900. Initially, German didn't think the auction was profitable -- the amount spent by auction winners compared to the amount of property taxes owed -- but the early figures included interest payments on the back taxes, which did not need to be included.
- The county has a fund balance of $9 million for 2009. This is up $397,022 from 2008. The fund balance is a measure of all money either collected or due the county from various sources, such as property taxes and state and federal sources. It doesn't necessarily mean the money is in the bank or that it has even been received.
- The county's bond rating was bumped two grades to AA-. German noted that a two-grade bump is very rare and is "reflective of financial policies being practiced by the County Legislature and Treasurer's Office."
- Interest earnings continue to decline. Earnings in 2009 dropped to $412,000, which is half the earnings of 2008, at $700,000. And 2008 was half of 2007, which was $1.4 million.
- Revenue from sales tax dropped in 2009, which is the first drop since 2003 and only the second drop since 1991. Sales tax revenue is expected to be flat in 2010.
