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Dampening Housing Market Strains State, City Budgets
The housing downturn is putting a dent in state and local government budgets across the country, as slower home sales translate into lower revenues tied to fees for building permits and real estate transfers.
Drops in home prices will eventually result in lower property-tax revenues, which could spell problems for places like Fairfax County, Va., where property taxes account for 60 percent of county revenue. Many state and local governments have been surprised by a decline in sales-tax revenue — which accounts for upwards of 20 percent of state revenue — tied to the housing slump, which can be blamed on scaled back purchases of building materials and a decrease in home-equity withdrawals.
The National Governors Association and the National Association of State Budget Officers says spending on health care, education, and infrastructure initiatives will probably slow as a result.
Despite projected budget shortfalls of $1.5 billion in Florida, $5 billion in California, and $217 million in Chicago, experts say state and local governments are better off than they were in 2002 when the recession and the Sept. 11, 2001, terrorist attacks resulted in a combined $13 billion cut in the budgets of more than three dozen states.
Amy Baker of the Florida Legislature's Office of Economic and Demographic Research says the $1.5 billion budget gap for fiscal 2007 and fiscal 2008 has prompted a special session beginning Sept. 18, when state Senators will consider reducing education and social services spending. Baker says municipalities across the Sunshine State may hike bus fares or eliminate crossing guards for elementary schools to offset faster-than-anticipated revenue declines. .
Source: The Wall Street Journal, Amy Merrick (09/05/07)
The housing downturn is putting a dent in state and local government budgets across the country, as slower home sales translate into lower revenues tied to fees for building permits and real estate transfers.
Drops in home prices will eventually result in lower property-tax revenues, which could spell problems for places like Fairfax County, Va., where property taxes account for 60 percent of county revenue. Many state and local governments have been surprised by a decline in sales-tax revenue — which accounts for upwards of 20 percent of state revenue — tied to the housing slump, which can be blamed on scaled back purchases of building materials and a decrease in home-equity withdrawals.
The National Governors Association and the National Association of State Budget Officers says spending on health care, education, and infrastructure initiatives will probably slow as a result.
Despite projected budget shortfalls of $1.5 billion in Florida, $5 billion in California, and $217 million in Chicago, experts say state and local governments are better off than they were in 2002 when the recession and the Sept. 11, 2001, terrorist attacks resulted in a combined $13 billion cut in the budgets of more than three dozen states.
Amy Baker of the Florida Legislature's Office of Economic and Demographic Research says the $1.5 billion budget gap for fiscal 2007 and fiscal 2008 has prompted a special session beginning Sept. 18, when state Senators will consider reducing education and social services spending. Baker says municipalities across the Sunshine State may hike bus fares or eliminate crossing guards for elementary schools to offset faster-than-anticipated revenue declines. .
Source: The Wall Street Journal, Amy Merrick (09/05/07)
작성일2007-09-06 15:50
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