Turns out the $75M estimate that WTOP went with as part of this morning’s news update is really more like $96M… City CFO Natwar Gandhi attributes much of this shortfall to the drop in commercial value from $1.85 per $100 of assessed value down to just under a dollar per $100. Now, $100M out of a $5.5B budget isn’t a huge shortfall, but that’s still a decent sized hit for the city to have to make up.
So the council has a choice at this point: repeal the tax cut they just gave to companies that operate out of DC, or find a new source of $96M to make up for the shortfall. Or, they need to raise taxes elswhere. Or, they need to find $96M to cut from the budget for 2009.
Not an easy choice.
This post appeared in its original form at DC Metblogs
I live and work in the District of Columbia. I write at We Love DC, a blog I helped start, I work at Technolutionary, a company I helped start, and I’m happy doing both. I enjoy watching baseball, cooking, and gardening. I grow a mean pepper, keep a clean scorebook, and wash the dishes when I’m done. Read Why I Love DC.
