Hernando Today To Launch Economy Series

Hernando County and the rest of the state got a wakeup call from voters Tuesday. They want property tax relief and they want it now.

By a 64 percent margin, Amendment 1 easily passed, which means Hernando County will have to cinch their financial belt even tighter. County Budget Director George Zoettlein said the county stands to lose $9.1 million in fiscal year 2009 because of Amendment 1 and the reduction in taxable value.

As County Commissioner David Russell said Wednesday, Hernando County is going to have to deal with the realities of having less money and it will have to do so "sooner rather than later."

Starting Sunday, Hernando Today will launch a three-part series called, "Focus on the Economy."

Part one takes a look at the housing industry, focusing on the drastic decline in home sales, the frightening increase in foreclosures and what Hernando County is doing to alleviate the plight of homeowners.

The newspaper has compiled housing data dating back to 1995 and will chart the rise and fall of home sales and their values over that 13-year span.

The series' second part examines what retailers are forecasting in terms of sales for 2008 and how many businesses have shut their doors in the past six years. It will also profile people who have either lost their job or been forced to seek other types of employment because of the slowdown in the economy.

Finally, in part three, Hernando Today will look at how government officials plan to address the county's fall in revenue.

Are they cutting costs? If so, how much and when? Do they plan on raising taxes or fees? Will the millage rate increase?

Will Hernando County suffer a loss in its credit rating?

Since the county is operating at a deficit, the county has to come up with a plan to run the building department when that department's reserves are exhausted.

Interspersed with these hard news stories are personal stories from people affected by the economic downturn.

Hernando Today also plans to sit down with Property Appraiser Alvin Mazourek to get his thoughts on the property tax situation.

Ultimately, the goal is to inform readers about how the economy will affect them in the pocketbook this year. We invite readers to send their comments about the series.

As Gov. Charlie Crist said yesterday: "The citizens of Florida have spoken and (Tuesday) received the tax cut they deserved. Amendment 1 gives the people of Florida a tax cut guaranteed by law, and will help reignite Florida's economy."

The people have spoken. Now, let's see how Hernando County responds.

"Focus on the Economy" will be published in three installments: Sunday, Feb. 3, Wednesday, Feb. 6 and Sunday, Feb. 10.