El Dorado Bills
From the Sacramento Bee:
Building fees plummet in El Dorado
County officials are wrestling with a projected $3 million shortfall.
A projected $3 million drop in building fees has officials pondering the first economic slowdown for El Dorado County government in perhaps 20 years.
El Dorado County officials debated how to provide adequate staffing to handle transportation and development projects, while avoiding future layoffs in those two areas due to a slowdown in housing construction.
Laura Gill, county chief administrative officer, reported last week that the Development Services Department's 2006-07 budget projected $8.2 million in building fees. Based on the current housing market, she said, $5.4 million would be a more realistic estimate...Richard Shepard, transportation director, said the Department of Transportation also may leave vacant 17 of 22 new positions the Board of Supervisors authorized in July.
"There is going to be an economic turndown in this community," board Chairman Jack Sweeney said. "It hasn't hit us in 20 years, but it's going to hit us this time." When housing construction slowed elsewhere in the past, the El Dorado County housing market "was bailed out by people leaving other areas and coming here," he said. "I don't think that's going to happen this time."
6 comments:
"We be backin up and movin back to beautiful Texas, where they got more of them there good jobs, and where my 12 chillren can get themselfs a plenty good nuf educashun"...
says Tom Joad of El Dorado Hills after learning his no money down, interest only, low doc (his stated income was 12,000/month for a Walmart Tire Replacer job) loan was now jumping to $4300/month....
"Sure nice here in this El Dorado Hills and the neighbors plenty friendly and I kin shoot all the turkey I want on the golf course, but we, Marysue and I kint afford these prices no mo"...continues Mr Joad....
"Rose a Sharon really got herself a fine boy, and they gonna have a fine child, but I kint see them gittin married, her bein on 12 and all and hant started Oak Ridge High School yet, so we be goin back to the old place in Texas and see if we kint make it there"...
So long Joads of El Dorado Hills,
been good to know ya!
just tax the indoor pot farms,problem solved.
Just want to thank Lander for doing such a good job of keeping us all informed.
Re: this latest post, it's puzzling to me how any county in CA can be having budget problems when they've been raking in huge amounts of money in increased prop tx payments during the last 5 years.
Anon 8:57,
I second your cudos to Lander. This site is fascinating and very important to understanding the housing market in greater detail. This market downturn has so many "uncharted" components and SL helps bring them out, providing balance and perspective.
I beleive the news in El Dorado is not an overall county budget shortfall, but just the fact the building industry will contribute 37% LESS to the permit fee take. The county budget is $474 million, which I am sure is up substantially. However, a $3 million drop is over a half-percent of the total budget.
As Tip O'Neil once said, "..a billion here, a billion there, and pretty soon you're talking about some real money..."
Jr - I believe the billion dollar quote is from Everett Dirkson.
Re: tax problems - I think you will find it is more philosophical - in some Counties, the philosophy is that planning departments should be paid for by developer fees (since it is new development that is the "beneficiary" of planning services).
Anon, 10:33,
You are right about Dirksen, but he will never admit it....this from his web site....
Did Dirksen ever say, " A billion here, a billion there, and pretty soon you're talking real money"? (or anything very close to that?)
Perhaps not. Based on an exhaustive search of the paper and audio records of The Dirksen Congressional Center, staffers there have found no evidence that Dirksen ever uttered the phrase popularly attributed to him.
It just sounded so much like something Tip O'Neil would say...have a great weekend.
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