City’s special tax revenue under budget | savannahnow.com

25
Jul

City’s special tax revenue under budget | savannahnow.com

The Savannah City Council may have to adjust its budget for projects being funded by the current 1 percent sales tax.

Chief Financial Officer David Maxwell told the mayor and aldermen during a workshop Thursday morning that the latest projections show collections of the Special Purpose Local Option Sales Tax are expected to come in $5 million short when it expires in September.

About $117 million is expected to be raised by the tax that began in 2008, down from the previous estimate that projected almost $122 million in revenue.

Maxwell attributed the shortfall to reductions in the tax base caused by a state law that went into effect this year that removed sales taxes on new cars and energy used for manufacturing.

via City’s special tax revenue under budget | savannahnow.com.

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