Finance

Marion County Considers 3.4% Levy Boost to Support Budget Needs

The Marion County Board's Finance Committee is considering a 3.4% tax levy increase, as allowed by truth-in-taxation, for next year’s budget, set to begin on December 1. Committee Chair Chris Krupp believes the increase is essential for balancing the budget, although he hopes to keep future increases around 3%. Board Chair Debbie Smith added that last year’s zero-percent levy increase strained finances and personnel cuts aren't feasible, as it would lead to significant repercussions due to contractual obligations. Some county office holders are even paying staff from their own funds. Since the levy wasn’t on the ballot, no formal vote was taken, but further discussion is anticipated at the November 12 board meeting.

In more positive news, health insurance premiums are projected to rise only $6,000 (or 2.3%) on the fixed portion, with potential cost fluctuations based on self-insurance usage. A proposal on the premiums will also go before the board on November 12. However, Krupp noted that funds may be insufficient to hire a Veterans Assistance Coordinator unless covered by a specific levy. This additional levy, expected to raise $230,000, would cost approximately $8 per $100,000 of assessed property value.

TECH

AI Pays Off: How Tech Giants Are Cashing In on Innovation

This week, major tech companies demonstrated that their multi-billion-dollar investments in AI are beginning to pay off, with even larger investments on the horizon. Cloud revenue for Amazon, Microsoft, and Google hit $62.9 billion last quarter—a 22.2% increase from the same period last year, marking the fourth consecutive quarter of combined growth acceleration.

CRYPTO

From Lobbying to Campaigns: Crypto's Impact on the 2024 Election

Former President Donald Trump and Vice President Kamala Harris may have starkly different views on issues like tariffs and abortion, but both have voiced support for the crypto industry. Trump, once a skeptic who called cryptocurrency “a scam,” now vows to make the U.S. the “crypto capital of the planet” and has pledged to fire SEC Chair Gary Gensler, who has targeted crypto firms. Harris, while more measured, promises to create a “safer business environment” for crypto investors and to support innovative tech like AI and digital assets.

Despite their enthusiasm, the public isn’t as supportive—fewer than 1 in 5 Americans have engaged with cryptocurrency, and many express distrust. Yet, crypto’s sudden prominence in the 2024 election may have more to do with its substantial financial influence. With its super PAC, Fairshake, the industry has become one of the largest corporate donors, spending millions to support or oppose candidates, such as targeting Reps. Jamaal Bowman and Katie Porter in recent primaries.