Revenues Down $40 Million in Four Months
November 3, 2009Unlike in September, there was no last minute revenue influx, and the October report came in just about in line with the numbers reported here last Friday.
Overall for the month, revenues were off $11.8 million for $37.5 million shortfall for the first four months of the year. If you add the highway fund, down $2.4 million, and the Fish and Game Fund, off $0.5 million, the total state shortfall tops $40 million.
That sets us up for $120 million shortfall for the year that could double in the blink of an eye as it did last year when business taxes fell apart in the final six months.
So far this year, business taxes are off only $5.4 million. Rooms and meals is the worst performer, off $9.2 million of the year. Interest and dividends receipts are down $7.1 million for the year, the communications tax (telephone) off an unexpected $2.9 million, and real estate transfer, which stabilized in October (for one month only ?) is off $2.5 million.
Looks like Governor Lynch may get in further trouble with state employees as he quite likely will have to lay off even more people when the impact of these numbers is fully felt.
