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Town finance staff warns of multi-million-dollar shortfall in sales/occupancy taxes
Summary
Finance staff told commissioners the town projects being about $3.43 million under budget in sales, occupancy and land-transfer taxes pending June receipts, offset partially by stronger utility sales tax and investment gains.
Amy, the town finance representative, briefed the Nags Head Board of Commissioners on revenue trends and flagged a projected shortfall in sales, occupancy and land-transfer taxes.
Amy told the board that, as of her memo and the latest available numbers, “we project that we're gonna be about $3,430,000 under budget with sales, occupancy, and land transfer taxes.” She noted the June…
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