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County soon will need to calculate its property values

November 02, 1999|By SCOTT BUTKI

In future fiscal years, Washington County will need to calculate the estimated value of all of its properties, including roads, sidewalks and bridges, for its annual budget, the County Commissioners were told Tuesday.

"It has been described as the most significant change in the history of government accounting," said Mike Manspeaker, a partner with Smith Elliott Kearns & Co. of Hagerstown.

The county currently does not have to list the estimated values of such property in its budgets and financial reports, he said.

The county has more than three years to gather the required information but Budget and Finance Director Debra Bastian said work on the matter has begun.

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Manspeaker told the commissioners his company's audit of the county budget found no problems and determined that the county's overall financial picture is much better than a few years ago.

It sounds like the county is in good financial condition, Commissioner Bert L. Iseminger said.

"You're in pretty good shape, yes you are," Manspeaker said.

The county had $112 million in general fund revenues for the fiscal year that ended in June and $111 million in general fund expenses.

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