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Committee reviews revenue assumptions: sales, replacement and gaming taxes adjusted
Summary
Committee members reviewed revenue projections including 1.4% sales/use rate, a lower replacement tax estimate ($300,000), and increases to video-game taxes ($40,000) and cannabis tax ($15,000); interest income assumptions were raised to $35,000.
The presenter walked the committee through key revenue assumptions for the draft budget, proposing modest changes to several lines.
"The sales use supplemental tax, leaving that the same 1.4," the presenter said while describing the baseline. He noted the replacement tax estimate was lowered to $300,000 and the income tax projection to 1.5; gaming and cannabis tax lines were increased to $40,000 and $15,000 respectively. Investment interest was increased to about $35,000 in projections.
Members emphasized these are estimates that can be adjusted as new information arrives; staff agreed to confirm the assumptions and adjust the revenue forecast before finalizing the budget.
