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Fairfax predicts budget shortfalls as housing slump shrinks revenues
William C. Flook, The Examiner Aug 1, 2007 8:45 AM (872 days ago)Fairfax County Fairfax County will see the first drop in overall real estate revenue since 1994 for the fiscal year beginning next July, leaving the government and school system each facing $120 million shortfalls, budget planners predict. The pessimistic forecast was revised from earlier numbers that predicted a slight increase in tax revenue for fiscal 2009. The drop is expected to be small — only a half a percentage — but nevertheless presents an added challenge to agency heads as the cost of running a government continues to climb.
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