We've been tracking the fiscal tea leaves left by collected permit fees this year because they may provide some indication of both the health of the local economy and the accuracy of LAT budget projections.
This month's update is found in the March, 2009 Department of Community Development monthly report:
- Total fees collected for March, 2009: $8,876.86
- Total fees collected for March, 2008: $20,696.00
- Total fees collected for year-to-date 2009: $27,406.40
- Total fees collected for year-to-date 2008: $49,986.16
According to the 2009 budget, we expected to receive $200,000 for this line item. So, doing the math, we're at 13.7% of budget after 25% of the budget year.
Comparatively, we were at 18% of budget at this time last year, with the lending crisis and all other shoes left to drop.
What does it all mean? Well, you've read the same reports that I have which indicate the economy has hit bottom and may be rebounding. Based on what I can see, though, it appears the economy is bouncing more like a deflated basketball than a superball.
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