April 10, 2020
By Rachel Eckert, SLED Manager
Fiscal environments at the state and local government level are very different today than they were even a few weeks ago. Budgets presented earlier this year are now being adjusted, as many governments face an upcoming revenue shortfall.
Taxes that would have been collected on our trips to the movies, restaurants and shopping malls are now not flowing into government treasuries. Fairfax County, Virginia, for example, is predicting significantly less revenue due to drops in sales tax collections, hotel occupancy taxes, car taxes, business taxes and more. With less revenue, they will have to delay some or all new programs, including additional funding for school technology purchases, police body cameras and affordable housing.
The impact is felt beyond Fairfax County. Seattle, Washington is predicting a revenue shortfall of $110 million. The State of New York comptroller has estimated that