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New Albany Budget Takes Tax Cap Hit

Last updated on Wednesday, July 3, 2013

(NEW ALBANY) - A southern Indiana town will take a 1-million dollar hit to their budget and still end the year in the black.

Officials in New Albany were told by state officials that a property tax cap applied across the state will result in $1.1 million being cut from the general fund budget for this year.

The city says tax collections of $700,000 dollars over what the state had estimated along with the city spending about four percent under its budget for the first half of the year helped ease the pain of the cut. The city was also running a surplus of around $440,000 dollars from last year that kept the city in the black.

New Albany Corporate General Counsel Shane Gibson says the city is in good financial shapes and, as of now, there are not any job or budget cuts expected. He says that he expected the city to end the year in the black.

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