NCT: ENCINITAS: City considers increasing its reserves
Right now, Encinitas is one of the lucky cities, staff members said. Its property tax revenue ---- the single largest source of income for the city ---- is projected to grow by 5 percent this fiscal year.
City sales tax revenue, however, isn't looking good.
Sales tax revenue generated between April and June was down 5 percent compared to figure a year ago, the report notes. City staff members said that's simply the start of the bad sales tax news.
The city is forecasted to collect $54.5 million and spend $48 million.
Just how bad will sales tax collections be with several major retailers in New Encinitas closing down?
How much will the Leucadia Streetscape cost?
Is the Leucadia Streetscape project in danger when the city moves forward with it's plan to build a $75 million park on the Hall property?
How many small coastal businesses will close down this winter due to this harsh new economy and lack of infrastructure and support?