GEORGETOWN, Del. - Municipal leaders in Georgetown said they have felt the negative effects of the slumping housing market.
Transfer and property taxes account for the biggest amount of revenue for Georgetown.
But Town Manager Gene Dvnornick said fewer people have moved in which means less money and a budget shortfall of $183,000.
“One of the things we’re seeing as with other municipalities is a slowdown in the housing market,” Dvornick said. “We’re not seeing new homes constructed which results in less property taxes being collected.”
To balance the budget, officials asked department heads to trim operating costs by 5 percent. That was not enough, so …
