Because of the downturn in the local economy, City of Gaffney officials shaved thousands off their revenue projections in the new fiscal year budget.

“We budgeted really conservatively and reduced anticipated taxes and business license revenues and we’re pretty much where we thought we’d be,” Gaffney Administrator James Taylor said.

The city slashed property tax revenues by $161,000 from the previous year and cut projected business license revenues by another $15,000.

Although the city has yet to receive property tax revenue because the countywide property reassessment forced government officials to delay mailing property tax notices, Taylor said his budget projections appear to be in line with actual revenue collections.

“It’s something that we monitor all the time, but at this time our budget seems to reflect our anticipated decrease in revenues,” he said.

In addition to declining local revenues, Taylor said the state Budget Control Board cut another $10,000 in state aid to Gaffney.