Local News

Wake expects to lose $17M in slow economy

Posted October 20, 2008

— The slowing economy and the ongoing mortgage crisis could cost Wake County at least $17 million in the coming months, officials said Monday.

Financial projections show sales tax collections in the county will be down about $6.5 million as people cut back on spending, County Manager David Cooke said. A deflated housing market will likely result in the county collecting about $6.4 million less in deed stamps on real estate sales, Cooke said.

Projected losses also include at least $3 million from the 3 percent budget cuts Gov. Mike Easley has ordered from state agencies, Cooke said.

Although the losses amount to less than 2 percent of the county's $984 million budget, Cooke told county commissioners that he has implemented an across-the-board hiring freeze and has halted all travel by county employees, except for trips that have already been arranged.

He also put county departments on notice that they need to start looking for other areas to cut costs in case tax revenue drops even more.

Property taxes account for about 63 percent of the county budget, and the economy has little impact on that revenue, he said.


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  • lizard Oct 22, 2008

    turnip, admiral, turnip.

  • TheAdmiral Oct 21, 2008

    Ooooh Let me see - we are going to loose 17 million cause they laid off alot of people, and that means that we give the school board $80 million to continue their messed up plans.

    Let me see here - can you say blood from a rock?

  • seeingthru Oct 21, 2008

    too bad---(sob) we have been doing that for ages we are squeezed until we sqeek, so now they're getting a dose too booo-hoooo

  • Me again Oct 21, 2008

    Ever seen the movie Total Recall? We should pay for the air we breathe just like the movie.

    SeeChart: Al Gore did the same thing with Bill Clinton.

  • Navy Vet Oct 21, 2008

    To lose indicates that you had it in the first place.

  • PeaceOut2017 Oct 21, 2008

    It's time to tax the poor, they haven't been paying their fair share since forever

  • starglow2005 Oct 20, 2008

    Welcome to the real world Wake County bean counters. Wake residents have been pinching pennies for years to keep up with increasing taxes and fees.

  • See Chart Oct 20, 2008

    You voted for Bush,this is what
    you have gotten in return.
    Embarrassing that a sitting President
    is told to hide and NOT CAMPAIGN for
    his own Republican parties candidates.

  • nascar33 Oct 20, 2008

    not a problem, they will just raise taxes.

  • whatelseisnew Oct 20, 2008

    Well at least they are thinking the right thoughts. Too bad the people running various levels of Government did not pay off debt when times were good so we would not be pouring money down a debt rat-hole. Also once again, the student numbers came in way under projections. I felt certain the school system will give back the money they cheated from us.