PV Building Permits -Impact Fee Revenues on the Skids
The picture is of Granville West taken in December 06. The monthly report (May 07) from PV financial services shows a major down turn in new construction numbers and revenues from construction of mainly single family homes (80%). Monthly impact fee revenue has dropped from 137,735 to 65,404(average) through the first 10 months of the 2006-07 fiscal year. Thats a 53% decline. Revenue from building permmit fees has declined 53% (1,377,352 to 654,039) in the first 10 months of the current fiscal year. That amounts to a budget shortfall of $723,313 for the first 10 months of FY06-07
Sales tax revenues are up over the last fiscal year but not enough to offset the decline in local construction fees. Obviously the decline in our “number one industry” has far reaching effects on PV’s massive obligation to import water from the Big Chino as well as the “PV Water Auctions” which will probabily be postponed again from the projected February dates. The possibilities are stronger for an increase of the sales tax or a town property tax or also an additional increase in our water and sewer rates later this year. The money to meet our obligations to Prescott on the Big Chino project will be coming due later in 2007.
I’ll bet, you will NOT read about this in the Daily Courier or the PV Tribune!