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Economy
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Mines Management, Inc. looks forward to the opportunity to contribute to the economic health of the region through the creation of a significant number of long-term, high paying jobs. Following is a commentary of the current economic and fiscal conditions for Lincoln County, Montana for the period ending 2004.
Lincoln County Population: 18,835 (2003)
“Residents of Lincoln County, because of their livelihoods, are closely linked to the natural environment and have a conservation ethic, but do not favor preservation that would prohibit development of natural resources. Residents generally support commercial and industrial development of the region as long as reasonable protection of land, water, and other resources is assured (Mountain International, Inc. 1986). Using natural resources, not just protecting them for future generals, is a dominant concept of the culture of Lincoln County and other communities which strongly rely upon natural resources for individual and community survival.”
Employment Conditions.
Over the last fourteen years, the labor force in Lincoln County, defined as persons working or seeking work, declined by 1,742 persons, from 8,501 in 1990 to 6,759 in 2004. This is a decline of 1.62 percent per year compared to an increase of 1.21 percent statewide. The number of employed decreased at a faster pace, by 1.66 percent per year, from 7,447 to 5,892 over the same period. The unemployment rate in Lincoln County has varied from 12.4 percent in 1990 to a high of 16.0 percent in 1994, reaching 15 percent in 2003. The unemployment rate declined sharply thereafter, reaching 12.8 percent in 2004. However, it is much higher than the statewide unemployment rate of 4.4 percent.
Another way to measure employment is to count the number of full and part-time jobs, rather than the number of people working. Over the last thirty-four years, employment in Lincoln County has increased at an annual rate of 0.5 percent, rising from 7,539 in 1969 to 8,989 in 2003.
The labor force participation rate in Lincoln County, that portion of the population aged 16 to 65 who are working or seeking work, which was consistent with statewide norms during 1980 and 1990, declined considerably thereafter, from 60.17 percent in 1990 to 53.49 in 2000.
The government enterprises sector, with 17.23 percent of total employment, was the largest employer in Lincoln County in 2003. The retail trade sector was the next largest, with 12.1 percent of all jobs in the County. The manufacturing sector accounted for 6.6 percent of all jobs in the County.
Total employment in Lincoln County is projected to increase to 12,572 by the year 2030. This increase represents an annual growth rate of 1.25 percent, which is higher than the historical 1970-2002 growth rate of 0.5 percent.
Income Conditions.
Real per capita income in Lincoln County has been increasing at a rate of 1.1 percent per year, rising from $13,612 in 1969 to $19,832 in 2003. This compares to an annual growth rate of 1.9 percent real per capita income statewide. Although increasing each year, per capita income in Lincoln County was much lower than the statewide average real per capita income of $25,406 in 2003.
Total earnings in real 2003 dollars declined at a rate of 0.3 percent per year between 1970 and 2003. Total earnings in the State, however, have been increasing at a rate of 2.4 percent per year. Total earnings to Lincoln County in 2003 real dollars are projected to increase from $223.41 million in 2003 to $489.36 million by 2030, representing an annual rate of increase of 2.95 percent.
As per the 2000 Census, the median family income in Lincoln County was $31,784, about 21.5 percent lower than the state figure of $40,487.
Fiscal Conditions.
Total taxable valuation in Lincoln County declined from $30.46 million in fiscal year (FY) 1992 to $25.15 million in FY 2004. This is a decline of $5.3 million, or 1.59 percent per year, with no accompanying decrease in population. While taxable valuation in Lincoln County has declined, the County levies increased from 49.48 mills in FY 1992 to 87.13 mills in FY 2004.
Total revenues in Lincoln County increased at a rate of 4 percent per year, from $10.23 million in FY 1996 to $13.5 million in FY 2003. The major source of revenue to Lincoln County government was intergovernmental revenues, which was 47 percent during FY 2003. Total County expenditures in Lincoln County also increased at a rate of 5.2 percent per year between FY 1996 and FY 2003, from $9.1 million in FY 1996 to $12.92 million during FY 2003. In FY 2003, 21 percent of the budget was spent on general government, 19.3 percent on public safety, and 33.6 percent on public works. Road maintenance costs are classified under public works expenditures. Lincoln County expenses on road maintenance declined from $2.79 million in FY 1996 to $2.46 million in FY 2003. Road maintenance costs comprised 73.15 percent of the total budgeted expenditure on public works in FY 1996. While road maintenance costs seem to have declined by FY 2003, it still represents 56.6 percent of the total budgeted expenditure on public works.
Municipalities.
Taxable valuation for Libby declined from $3.6 million in FY 1992 to $2.5 million by FY 2004, representing a 1.78 percent decline per year in the tax base
Total revenues for Libby increased from $1.91 million in FY 1996 to $2.54 million in FY 2003. Total expenditures for Libby also increased from $1.92 million in FY 1996 to $3.67 million in FY 2003. About 45 percent of the budgeted expenditure during FY 2003 was spent on public works, which include road maintenance costs.
Taxable valuation in Troy increased from $679,000 in FY 1992 to $699,000 in FY 2004, an increase of 0.24 percent per year. Total revenues for Troy from taxes average from $76,000 to $79,000 per year. Expenditures for general government in Troy usually require approximately 40 percent of the budget, whereas expenditures for public safety require approximately 40 percent of the budget.
Total revenues for Troy increased from $1.28 million in FY 1996 to $1.53 million in FY 2003. The major source of revenue to the City during fiscal year 2003 was from charges for services, about 76 percent. Total expenditures for Troy also increased from $1.79 million in FY 1996 to $2.02 million in FY 2003. About 81 percent of the budgeted expenditure during FY 2003 was spent on public works, which include road maintenance costs.
Taxable valuation in Eureka increased from $878,000 in FY 1992 to $923,000 in FY 2004, an increase of 0.42 percent per year.
Total revenues for Eureka increased from $690,800 in FY 2002 to $835,000 in FY 2003. Total expenditures for Eureka also increased from $606,500 in FY 1996 to $783,400 in FY 2003.
School Districts.
The taxable valuation for all school districts in Lincoln County decreased at a rate of 1.85 percent per year, from $32.35 million in FY 1991 to $25.36 million in FY 2004. Countywide mill levies to support schools have remained at about the same level since 1991. Taxable valuation for Troy Public schools experienced a sharper decline compared to the County. Taxable valuation for the elementary school declined by 4.8 percent per year, from $7.47 million in 1991 to $3.77 million in 2004. High school valuation declined 3.5 percent per year, from $8.26 million to $5.0 million in 2004.
Taxable valuation for Libby K-12 Public Schools experienced a decline of 2.9 percent per year, from $17.5 million in 1991 to $11.5 million in 2004.
Contrary to the County tax base, taxable valuation for Eureka Public Schools experienced an annual increase of 2.9 percent for the elementary school, and 2.1 percent for the high school. Taxable valuation for the elementary school increased from $4.37 million in 1991 to $6.53 million in 2004. High school valuation increased from $6.62 million to $8.85 million in 2004.
Taxable valuation for Fortine Elementary School experienced a decline of 0.2 percent per year, from $1.3 million in 1991 to $1.25 million in 2004. Taxable valuation for McCormick Elementary School experienced an increase of 0.7 percent per year, from $347,147 in 1991 to $383,702 in 2004. Taxable valuation for Sylvanite Elementary School experienced an increase of 4.1 percent per year, from $174,791 in 1991 to $305,835 in 2004. Taxable valuation for Yaak Elementary School experienced an increase of 5.2 percent per year, from $266,573 in 1991 to $540,676 in 2004.
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