Chandler’s sales tax collections continued their slide in February, according to a city finance official. From the beginning of the fiscal year in July through last month, revenues are off 9 percent compared to the amount collected through February 2008.
Chandler’s sales tax collections continued their slide in February, according to a city finance official.
From the beginning of the fiscal year in July through last month, revenues are off 9 percent compared with the amount collected through February 2008.
In January, the year-to-date decline was 8.5 percent.
Early in the fiscal year, Chandler’s sales tax revenues were doing far better than other East Valley cities. Through September, collections compared with the first quarter of fiscal year 2007-08 were nearly flat, down only 1.8 percent.
But when Wall Street slumped dramatically in the fall, that touched off a crisis in consumer confidence across the nation and Chandler wasn’t spared. From October through last month, revenues fell 13.2 percent.
Total General Fund revenues to date are 6.1 percent under budget compared with historical trends, and 5.5 percent lower than at this point last year.
However, this slump in General Fund revenue is within the budget projection of minus-7.9 percent made last month, budget manager Dawn Irvine said in a memo distributed to city staff on Wednesday.
Irvine said the categories having the largest impact on the declining tax collections include contracting (down 36.1 percent through February), retail, manufactured buildings, jet fuel (off 7.9 percent), and restaurants/bars (down 6.6 percent).