COLLIERVILLE, TN (WMC) - Collierville town leaders are trying to come up with ways to cover a $2 million budget shortfall.
The move is to try to hold off a property tax increase, but Collierville leaders might have to give in.
"I'm just wondering why, what are all the details, I don't have all the details yet, so I'd like to know why," resident Gloria Kiley said.
Kiley said she's not thrilled about the possibility of having to pay more in property taxes, but if savings can't be found by town leaders, that may be what it comes down to.
"Why would they need extra to pay the taxes when we've got corporations coming out here paying taxes, we've got new businesses opening up every day paying taxes," resident Orbie Bowling said.
Last week at the request of the board of mayor and aldermen, Collierville's town administrator told all department heads to cut their budgets by 10 percent to see what those reductions could look like.
That includes possible elimination of programs and positions.
Officials with the town said they want to find any efficiencies they can in the budget before hiking property taxes.
Home sale prices in Collierville continue to increase. The average is well into the $300,000 mark, and investment in construction is soaring too.
Town leaders said despite the apparent growth, they are experiencing revenue loss with the state's ending of the Hall Tax on investment income and declines in local sales tax because of online shopping. That's what makes up the $2 million deficit.
The last time Collierville hiked property taxes was in 2015 to pay for the new $94 million high school that's set to open this fall--the largest high school in the state.
Kiley said if taxes go up, she'll grin and bear it.
"I guess we'll have to deal with it," Kiley said.
The next meeting of the Collierville Board of Mayor and Aldermen is set for Monday. The budget will have to be balanced by June.