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Loveland finance chief warns of $10M‑plus annual sales‑tax shortfall after grocery‑tax change
Summary
CFO Brian Waldy reported Q3 results showing a one‑time property‑tax backfill but an accrual‑basis $6.6M year‑to‑date sales‑tax shortfall, annualized to roughly $10.3–10.5M; council discussed reduced‑services budget cuts and that personnel/contractual costs continue to rise.
Brian Waldy, Loveland’s chief financial officer, told the City Council that while property‑tax receipts included a one‑time Department of Local Affairs (DOLA) backfill of about $883,000, the city is still seeing a substantial sales‑tax revenue decline tied to the change that removed the grocery/food tax on home consumption.
Waldy presented both cash‑basis and accrual‑basis figures and said the accrual report shows roughly $6.6 million down year‑to‑date through August; when…
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