At last Thursday's Common Council budget review, in the budget worksheep analysis, page 1, the city indicated that the current revenue from building permits was $16,122 as of September 30,2006. The 2005 actual had been $47,586. The 2005-06 budget had predicted $38,000. So--it was slower than anticipated.
I confirmed with Eric Jepperson that the budgeted number for next year is $25,000 and the city is still hoping to hit the $25,000 this year. Still, the revenue from building permits is almost down 50%. OUCH.
If you click on the post you will see the post back in 6-30-2005 about the inverted yield curve, and the recession that it predicts. Contractors and....well...everyone have paid a price for the slowdown.
The current budget presumes that this will continue for the next year. Not get better. Not get worse.
Stay tuned.
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