Family Financial Connections archive
Date: September 2014
Almost 400,000 people in Massachusetts will certainly require to reapply for health insurance coverage prior to completion of the year, and many of them probably do not even know it.
Not far away at the Trenton neighborhood center, another group met for a County Budgeting 101 seminar, hosted by former Dade County executive, Ben Brandon, on the exact same subject.
Brandon is running for the District 3 commission seat, formerly held by Robert Goff for 5 years, prior to he resigned to run for state rep. Presently, Goffs replacement, Ricky Breeden, picked by the commission, holds the seat.
The workshop offered residents with insight into the budget production procedure, highlighting the tough choices needed to produce a fiscally responsible budget plan.
During the meeting, Brandon provided a timeline illustrating the strategy followed by the commissioners over the past five years that led to the existing spending plan crisis.
Instead of cut the spending plan, the commissioners recommended an enormous tax boost of 44 percent, which was declined by the taxpayers at a meeting on July 31st.
On Monday following the meeting, commissioners cut the budget in order to minimize the proposed tax boost to 25 percent. The cuts consist of decreases in some county departments that many think about extreme, while leaving other department untouched.
The previous county executive began the budget-cutting workout by stepping with the dozens of revenue sources readily available to the county, manythe majority of which are beyond the countys control. He explained that the bulk of the profits from sales tax is highly undependable and is virtually constantly less than projected. Next, he evaluated by department those services mandated by law that has to be moneyed at some level versus those discretionary services that the county chooses whether to fund.
Participants then had the chance to vote on which services not mandated by the state they would be most preparedgoing to money out of the countys discretionary budget plan. Each individual got eight red sticky dots to assign amongst 19 non-mandatory departments. When the ballot was full, the group had developed a picturea photo of those services that they thought about most valuable. Participants then started cutting the countys expenditure budget plan by eliminating funding for those departments with the least votes.
Eventually, participants cut recommended spending enough to remove the countys proposed $1.2 million tax increase. Some non-mandated departments, such as E911, were not cut at all, and no mandated department spending plans were reduced.
Brandon has offered to hold a comparable course to assist citizens comprehend the millage rate how it is computed and its result on tax costs. His general goal is to assistto assist locals understand how the budget works and the best ways to much better handle it in order to avoid another unexpected proposed tax increase. The most vital task designated to the county commission, according to Brandon, is investing other individualsother individuals money carefully.
If you have children or grandkids at the postsecondary level, you should both know preparing concepts and opportunities that can result in money in your pocket, or theirs. I wantwish to share 10 ideas today:1. Claim tuition and education credits.
A student is generally entitled to a tax credit for tuition paid, plus an education credit based on $400 a month of full-time ($120 for part-time) attendance in school.