Sales tax revenue sees 13% decline
DOWNEY - Local sales tax revenue has fallen 13 percent compared to last year, according to a report presented to the City Council on Tuesday.As of March 31, the city had taken in just over $8.3 million in sales tax revenue, down from $9.6 million the same time last year, the report says. City officials blamed the decline on the national recession and a reduction in auto sales, which dipped 50 percent during last year's fourth quarter. Non-auto sales declined 10 percent during the fourth quarter, according to the report. Property tax revenue, however, rose 4 percent, and generated $11.4 million. The city is forecasted to expend up to 97 percent of the 2008-09 budget, which ends in three months.
********** Published: May 1, 2009 - Volume 8 - Issue 2