Economy squeezes Cobb County’s tax revenue

Recently received tax receipts show wealthy Cobb County isn’t immune from the economic malaise sweeping the state and the nation.

Officials predicted, for example, that tax collections from home sales and refinancings would add $2.7 million to fiscal 2008 county coffers, according to Cobb’s Finance Department. But only about half that amount was collected — one of the poorest tallies in years.

Property taxes, which make up about half of general fund revenues, won’t be tallied until mid-December. Another drop-off is expected, which could lead county commissioners to cut services next year.

“There’s no doubt you can attribute this to the economy,” said finance director Brad Bowers.

Bowers offered a hodge-podge of fiscal year-end tax collections (versus projections) to give an unaudited portrayal, believed to be largely accurate, of the county’s revenue picture.

The county typically meets its projected tax-receipt goals, as it did during the growth years between fiscal 2005 and 2007.

Bowers probably will scale back this year’s projected growth rate of 3.5 percent, though.

“We’ll budget pretty conservatively for most all taxes,” he said.

“I wouldn’t think we’d see a real recovery until the 2010 budget,” he said.

Not all the tax numbers are down. Harder economic times apparently demand harder booze: Beer sales are down; wine and liquor sales are up.