Mayor John Hamilton issued his “New Revenue Package” memo that outlines two revenue streams to meet the administration’s current spending priorities. 1) increase to the Monroe County Local Income Tax (LIT) rate and the issuance of two $5 million general obligations (G.O.) bonds for a five-year duration for capital improvements. Unfortunately, despite my best efforts I could not get the specified LIT increase. Based on the almost $17 million spending investments outlined in the memo it would most likely constitute a full 1 percent increase to 1.8450. Indiana State law has that the income tax encompass all of Monroe County. Ellettsville and the county council would weigh in as well but since the bulk of the population resides in Bloomington, it has the majority of the votes. The revenue returns would be somewhere around $17 million in new revenue annually.
To get a larger picture of our local taxes click HERE. Below is the time frame:
The Mayor’s argument besides the needs is that the community has a capacity for the increase:
General Obligation Bond Projects:
To get further detail, Mayor Hamilton has put up a website with Frequently Asked Questions, Video Address, and a Feedback opportunity.