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Finance Director: Sales tax shortfall could reach $21M for Metro

About $14 million comes from schools budget

Metro hasn't suffered as much as the state or other major cities during the current recession, but sales tax collections may be as much as $21 million under budget, according to the Metro finance director.

At the mid-year review budget meeting today, Metro Director of Finance Richard Riebeling said sales tax and other revenue-generating fees are down almost across the board. Of the anticipated $21 million shortfall for this fiscal year, about $14 million is from schools, Riebeling said.

"We're all hoping to see improvement in the economy, but we have not seen that yet," Riebeling said. "We don't have any evidence of it that gives us optimism going forward."

Riebeling offered a grim warning on Mayor Karl Dean's charge to Metro departments as the budget planning process kicks off on Thursday. Last year Dean asked departments to propose 5-, 10- and 15-percent budget cuts. This year Dean figures to ask departments to cut back even more.

Not all the news was bad, however, as Riebeling said Metro's fund balance, which was critically low at this time last year, has doubled. Last year the fund balance was at $16 million and it is up to $33 million at this point, Riebeling said. During last year's budget presentation, Dean issued the goal of pushing the fund balance up to 5 percent of the total budget.

"That's the good news, we're almost twice where we wanted to be," Riebeling said.

Two departments went in front of Metro Council for their mid-year reviews. Other than schools, which described the grim effects of its shortfall, the Parks Department said its budget is mostly on track so far this fiscal year.

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