We have heard the stories of foreclosures and layoffs. We also have seen the bankruptcy of a major California city and heard the struggles of many cities and counties across California and the nation regarding the dramatic decrease in property and sales tax revenues.
Despite all the doom and gloom news we are very fortunate in Fairfax. Sales tax revenues are unchanged from last year thus far and the Town is confident the sales tax projections in the FY 2008/09 budget will be met. The Town will receive the first installment of property taxes on December 10th and will also have a mid-year budget review for the Town Council in February of 2009 so we may review the revenues and expenditures to date and make sure that we are on target to balance the budget.
Town finance officials were very conservative in their revenue estimates and so far that is paying off. There have been only a few foreclosures in Fairfax over the last 12 months and so again we are very fortunate compared to what many cities are facing. Part of our fortune is that we do not rely heavily on sales taxes as some cities do. Sales tax revenues only represent about seven percent of our revenue stream. In times of economic downturn sales tax revenues are the first to decrease. Property tax revenues are fairly constant as long as there are not foreclosures, so again we are very fortunate.
Please be reminded there is a Town Council Meeting on December 3rd and the Council will be selecting a new Mayor and Vice Mayor and there will be a State of the Town adress by outgoing Mayor Maggiore. To view the full agenda please go to the Town's Home Page www.townoffairfax.org and then click of Council Packet.
I hope the Holiday Season in filled with peace and happiness for all of you.