Last week during our meeting, we heard a bit more about the ongoing financial condidtion of the county, especially the major factor underlying TRL’s financial health, the land values of our counties.
TRL, like most library districts in Washington State, is funded mostly by property tax. While timber revenue is no longer dropping, it is at a historic low in terms of its percentage makeup of our budget.
Basically, what happened this year is that the value of the district dropped 3 percent. It would have been much up a bit, but Thurston County’s (which makes up over 50 percent of the value of the district) value dropped by over 7 percent. From what I can tell, its rural counties that didn’t show a huge value increase during the housing bubble are much more stable now in terms of their values.
Now, I’m wondering what impact the housing price bubble over the last decade had on our budget.