Henderson Mill is the largest property tax payer in the county, making up 14% of the property tax revenues for the Library District in 2016. Recent information from the Henderson mining and milling production owner Freeport-McMoRan indicates that operations will be curtailed and production will cease entirely in three to five years.
The County’s decision to change the averaging of property tax revenues from the Henderson Mine production from five years to three years, has compounded the revenue losses for the Library District.
In 2017, GCLD is anticipating a $47,000 loss from the decreased Henderson revenues, with steeper cuts following in 2018 and 2019. Instead of the recovery of residential property taxes and the planned return to a balanced budget forecast for 2017, the news from Henderson will mean a permanent loss of revenues and a dramatic change to District revenues. Consequently, the Library Board has taken action to immediately reduce the dependency on the ESF with the approval of a $100,000 reduction to the 2017 budget.