A $1.9 billion city budget was presented by Deputy Mayor Robert Williams at City Hall yesterday with almost half of that figure expected to be spent on employment costs.
Other significant projected expenditure includes electricity, maintenance of streets, alleys and drains and the removal of garbage.
At some $171 million more than last year’s budget, this year’s theme is ‘Strategic Positioning of the Mayor and City Council for major improvement in the delivery of services to the Citizens of Georgetown within limited financial and other resources for 2008’. Williams said that it is the intention of the municipality to collect over 95% of property taxes due in comparison with 84% collected last year. Property taxes represent the major source of revenue for the city and Mayor Hamilton Green had noted that it was not enough to run the city.
Williams said that presuming maximum revenue collection, $1.5 billion is projected to be collected from property tax, including those that have escaped and continue to escape the tax net of the Mayor and City Council, while $400 million is projected to be obtained from pursuing new revenue sources.
Giving a summary of last year’s budget, Williams noted that the actual sum spent was $1.6 billion, compared with the budgeted sum of close to $1.8 billion. “Obviously we have not achieved 100% due mainly to inadequate finances,” he said.
He said 89% of the projected revenue, or $1.66 billion, was collected “
