Wednesday, September 23, 2009

New revenue estimate not all good news

So much for thoughts of delaying revenue estimates until after the City Council passed the FY 2010 budget!   The CFO released new rev estimates on September 21.nbsp;  As has been reported, the new estimate reports no change from the June 22, 2009 one.   That being said, tax revenue is reported to be down over the summer and what the future holds for real property tax collections will not be known for a few weeks.   Month-end September is also important for certain income tax and business income tax collections.   Reports will be available around mid-October.   Government types who pay attention to this information eagerly await the October reports, hoping tax declines don't happen or else further budget cuts will be required.

These figures take on new importance given the recent announcements of nonprofit challenges and closures, including WEAVE, DC Action for Children, DC Education Compact, and Hoop Dreams.   More important, however, is how nonprofit challenges impact residents, especially those who rely on community organizations for assistance, often basic necessities.