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Jan 6, 2009 10:34 pm US/Eastern
Broward County Braces For Budget Cuts
Taxable Property Values Likely To Drop Ten Percent In 2008
FT. LAUDERDALE (CBS4) ―
A combination of declining home values and record breaking foreclosures is adding up to a budget nightmare in Broward County.
Broward County Commissioners expect to deal with a budget cut of about $165 million in 2009. That's because Property Appraiser Lori Parrish believes taxable property values dropped by at least ten percent in 2008. That will significantly decrease the amount of tax revenue for 2009.
"I've never seen a budget like we're about to see," County Commissioner John Rodstrom said.
Rodstrom expects 8-10% of county employees will be laid off, along with cuts in services and a loss of quality of life. "Hopefully not police and fire, but I don't think anything's sacred," he said. "Parks, libraries, mass transit all of the quality of life things are gonna come under the spotlight."
Coral Springs resident Joanne Wain does not expect to be in Broward to see it. "I'm done with Florida," Wain said. "I just don't see it happening for us here anymore."
Wain and her husband bought a dream home for their family in 2005. That home is now worth $80 thousand dollars less than it was when they bought it. She says the family owes more than the home is worth and expects they will lose it in foreclosure.
"It's scary," she said. "I've never actually been scared my entire life with what we've been going through with my kids."
Wain said she plans to move out of state, something two other families on her street have also done recently. "I'm worried about the schools and the neighborhoods and the whole lifestyle," she said. "Everything has just changed."
Wain's story is a microcosm of the real estate collapse in South Florida and an example of why Broward County will have less in property taxes to spend.
Rodstrom said county commissioners could shift money from capital projects to cover the shortfall, but those dollars would have to be replaced. He believes county commissioners will look at all options, like furloughing workers and creating a four-day work week.
"I don't think you're gonna see us take officers off the streets or let criminals out of the jails. But the things you've come to rely upon government for are not gonna be the same," he said.
Rodstrom does not anticipate an increase in taxes, but said there are tough decisions ahead. "It's not gonna be a good time," he said.
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