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The State Board of Equalization told the city that its salez tax revenue forthe January-March quarter droppedf by 29 percent, or $10.9 over the same quarter last year. The city had prepared for a 10 perceng drop ofabout $3 million. Mayoer Chuck Reed called for the city council to dip into its reservew funds to coverthe "Today’s news is a cleat sign that economic recovery is taking longer than we all Reed said in a prepare d statement. "San Jose has prudently budgeted for a significantf decline in sales tax however our badscenario wasn’t bad enough.
This bad news creates a $7 million hole in this year’s The news came as Reed and the city council preparedx for the final public hearint onnext year’s city budget Mondag night. The city council vote on that budgeg was scheduled for Tuesday Reed warned that the new salexs tax shortfall will requiree more than tapping into reservesto six. "Thed state of California is in fiscapl failure and threatening to take millionzs inlocal revenue.
After seven straighrt years of deficits, reserves alone cannot close next year’s
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