*Illustration above h/t Pitchengine Communities* (Thermopolis, Wyo.) - With a drop in the county's assessed valuation, Hot Springs County Commission Chairman John Lumley said meetings begin today (Wednesday) so county elected officials can begin planning. The drop is due primarily to the loss of oil and gas production with the national energy downturn precipitated by near-record low oil prices. In January, Lumley noted that the county's assessed valuation
is dropping by around $100-million dollars, which means a loss of revenue
of some $1.2 million.
"We are looking at cutting budgets," he said. "We've done it before, it
won't be as drastic this time."
Although the valuation is slumping this year, it's not as bad as it was in
the 1990s when the county's assessed value fell from $318 million early in
the decade down to $65 million in 1999. "We didn't have any money to
operate with back then," he said back in January.
This year's valuation is expected to drop from some $230-million to around