OAKLAND — The Garrett County financial forecast for fiscal 2015 looks bleak due to the fact that the county is facing a total projected loss of $5.4 million, according to a news release.

A previous estimate of a $2.5 million projected loss of real property tax revenue has increased by $700,000, to $3.2 million, based on the revision of assessable base calculations, according to Monty Pagenhardt, county administrator. On Nov. 30, the Maryland Department of Assessments and Taxation produced valued assessable base calculations that confirmed the projected loss in real property tax revenue. This additional loss, coupled with the loss of $2.2 million in revenue for the Garrett County Public School System, equates to a total projected loss of $5.4 million.

The contraction of property tax revenue over the past three fiscal years equates to a loss of actual revenue of $2.8 million or 5.85 percent, according to a news release.

At this point there is nothing that can be done to alleviate the dire financial loss, according to Pagenhardt.

More here.