Money and time are running out for South Whidbey Fire/EMS.

Fire commissioners will hear their options for a possible property tax levy from Fire Chief Rusty Palmer on Thursday, Feb. 23.

“We need to talk about the potential, whether we’re going to go out or not,” Palmer said.

“This is just the first step in us getting serious in the discussion.”

South Whidbey’s fire district is funded by property taxes. But as property values have sputtered with the economy, the fire department’s revenue stream has fallen, too, by about $200,000.

The difference between expense and revenue will tip in favor of expenses soon, fire officials said.

“Our budget is going to be in serious trouble in 2014,” Palmer said.

“We’ve got a healthy capital fund to purchase trucks and apparatus, and that’s good. Where we’re suffering is the operations piece. If we go to $5-a-gallon gas, that’s going to affect us immensely.”

The district has considered a levy lift since fall of 2011, when the money problems became apparent. Since then, Palmer has reviewed the options for a levy and hired a public affairs consultant.

Costs of the potential levy are still up in the air. The meeting at 4:30 p.m. Thursday will be the first look commissioners have at the choices.

“That will be the opportunity to lay out the specific numbers,” Palmer said.

“We haven’t decided on a number yet.”

The recent success of the levy for Central Whidbey Fire-Rescue did not factor into South Whidbey’s plan, Palmer said, to renew talks about a potential levy.

While his district will learn from the successes and failures of surrounding fire areas, Palmer said his focus is informing South Whidbey residents about his department’s needs.

“We’re obligated to inform people about what the need is so they can make an informed decision,” Palmer said. “It takes time to do that.”

“We work for the citizens, so what they want from us is what we need to achieve.”

A levy could be put on ballots by May, but Palmer said that is unlikely.

The primary ballot in August, or a special vote in February 2013, he said, are more realistic.

That’s where the district’s public affairs consultant, Liz Loomis, factors in. She was hired to help promote the district and examine the feasibility of seeking a levy.

One thing was certain for Palmer — a decision needs to be made, and soon.

“I don’t think we can wait until the end of 2013,” Palmer said. “I think it’s going to have to be late this year or early next year.”

The fire district, formerly known as Island County Fire District 3, had a levy increase defeated by voters in 2002. The measure would have increased the levy to 90 cents per every $1,000 of property value, but only received a 30-percent “yes” vote.

“It’s been well over a decade since we went out and asked the public for help,” Palmer said. “It just depends on the services the community wants and what services we can provide.”

The meeting will be at the Freeland station, located at 5535 Cameron Road.