Kenai Peninsula sales tax short of projection
Story last updated at 3/10/2010 - 8:38 am
The Associated Press
KENAI – The Kenai Peninsula Borough says sales tax revenue fell short of budgeted expectations in fiscal year 2010.
The borough finance department projects sales tax revenue at $26.5 million through next June. That’s about $1.7 million, or 6 percent, short of what had been predicted.
Finance Director Craig Chapman attributes the shortfall to a weaker-than-anticipated economy and says taxable sales decreased across the board.
The peninsula’s economy is driven in part by tourism and taxable sales in that industry took the biggest hit. Revenue for July, August and September fell 38.1 percent in 2009 compared to 2008.
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