County’s Budget Feeling Impact From Slow Economy

April 27th, 2010 Posted by Auditor's Office 0 comments on “County’s Budget Feeling Impact From Slow Economy”

The depressed local economy continues to impact the county’s budget, causing revenues to fall short during the first quarter of 2010, according to Clark County Auditor George Sodders.

“The county’s budget estimates for 2010 may require mid-year adjustments if the local economy doesn’t begin showing signs of recovery,” Sodders said. “Our sales tax revenue is down almost 2% from the same quarter last year, while the value of new housing permits plummeted almost 31%, and the value of commercial permits declined 21.5%,” Sodders explained. 

“In addition, the number of taxable property transfers is down, and fees collected from those transfers remain stagnate. Sales tax and fees are vital sources of revenue for the county,” Sodders said. The county’s unemployment rate remains above state and national levels. “Until we see growth in our employment numbers, the local economy will remain a drag on the county’s revenues,” Sodders concluded.