(I’m paraphrasing). According to an AP story, Everybody’s Favorite Economist ™, Larry DeBoer, says that 2011 is going to be the year that the recession hits local governments, with an 18-20% drop in income tax revenue for counties statewide.
Professor Larry DeBoer told a meeting of Allen County officials on Tuesday that 2011 will be the year the recession hits local governments in Indiana. DeBoer warned that with less money from property tax, local governments will have to rely more on unstable revenue such as income taxes and fees.
(It’s worth noting how we got to where we are.)