The budget implications of the Pandemic caused economy drop is becoming clear.
Flagler County, FL is under half the population of Lake County, and their County Board was just told that sales tax revenue would drop $1.2-million. Also, they had forecasted that property values (and resulting taxes) would increase 5%, but now they are talking about no increase in planning their next budget.
Based upon the Flagler estimate, much larger Lake County might see a $3+million reduction in sales tax revenues and city and school revenues will also be affected.
"State sales tax revenues in Florida were down 50% in April and are expected to have been down about 50% in May and June, according to state officials, Brower said. The revenues are calculated and passed along to counties about two months after they're received. "
All local governments will be hit with reductions in revenue, and hopefully the STAFF of the local governments in Lake County will be realistic and CURTAIL spending, and not try tax increases, bond issues or budgeting tricks to cover for expected shortfalls.
We will be watching, and you better hope Trump is elected, or the economy will drop further.
Vance Jochim
FiscalRangers, FL
