New Hanover forecasting $2 million sales tax shortfall
By Tim Buckland
StarNews Staff
WILMINGTON, NC (StarNews) — The county has lagged behind in its collection of sales tax so far this fiscal year, the county board of commissioners was told Monday.
“We could potentially see some shortfall in sales tax revenue,” said Lisa Wurtzbacher, the county’s chief financial officer.
New Hanover had budgeted collecting $62.6 million in sales taxes for 2015-16 fiscal year, but had collected less than half that much through March 31, bringing in $30.4 million.
Wurtzbacher said the county anticipated a growth rate of 7 percent in the budget, but has realized a 3 percent growth rate. She told the board that the anticipated shortfall would be about $2 million at the end of the budget year, which is June 30.
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