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Bainbridge Letters to the Editor May 28
COBI: Asleep at the wheel
If one wonders why the 2008 City of Bainbridge Island budget is in trouble, look no further than the revenue assumptions on pages R-1 and R-2 of the final budget document.
The economy began to sink in August 2007 and the 2008 budget wasnt passed by the City Council until mid-December. Nonetheless, the administration did not adjust a budget prepared in part based on the following revenue assumptions:
1) Sales taxes up 20 percent from 2007 collections;
2) Real estate excise taxes up 7 percent from 2007 receipts;
3) Commercial parking tax up 15 percent over 2007 budget amounts;
4) Building permits up 10 percent over 2007 collections;
5) Plan check fees up 10 percent over 2007 collections;
6) Utility system participation fees - up 10 percent over 2007 collections;
7) Capital grants sum of grants identified as likely.