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Archive for Monday, December 13, 2010

Low natural gas prices hurting western Kansas counties

December 13, 2010

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— More than a dozen western Kansas counties are struggling to balance their budgets after natural gas prices have plummeted by more than half in the past two years.

One of the hardest-hit counties is Stevens, which gets 81 percent of its revenues from taxes on gas and oil reserves. The valuations of those reserves dropped by more than $140 million, or 34 percent, in the past year.

The Hutchinson News reports the decline has caused the county to increase its property tax levy by more than 15 percent, and the school district to raise its by 30 percent.

Several of the counties say they are fortunate that they beefed up their reserves during times of record high gas prices to offset what they are losing now.

Comments

littlexav 3 years, 4 months ago

a much more in-depth version of the story is available here: http://www.hutchnews.com/print/oil-and-gas-valuation-impact--1

it's really sad to consider that when the gas is gone, these western counties won't have anything left to tax... which means no roads, no parks, no special projects. we need a renaissance in Kansas!

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Gandalf 3 years, 4 months ago

The population was 5,463 at the 2000 census. Yep that's a good reason to double the gas price for millions! My heart is really bleeding!

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