Did I say $75M? I meant $96M.

Turns out the $75M estimate that WTOP went with as part of this morning’s news update is really more like $96M… City CFO Natwar Gandhi attributes much of this shortfall to the drop in commercial value from $1.85 per $100 of assessed value down to just under a dollar per $100. Now, $100M out of a $5.5B budget isn’t a huge shortfall, but that’s still a decent sized hit for the city to have to make up.

So the council has a choice at this point: repeal the tax cut they just gave to companies that operate out of DC, or find a new source of $96M to make up for the shortfall. Or, they need to raise taxes elswhere. Or, they need to find $96M to cut from the budget for 2009.

Not an easy choice.

2 Comments so far

  1. Cranky (unregistered) on February 29th, 2008 @ 1:09 pm

    You know, if you’d listen to NPR in the morning instead of the craptastic WTOP, you wouldn’t have this kind of confusion…

  2. Tom Bridge (unregistered) on February 29th, 2008 @ 2:20 pm

    Cranky, I’m a proud member of WAMU and hear Morning Edition five days a week. The story I reported from WTOP came via their web edition.

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