Currently, there are two significant revenue categories of note:
1) Building Permit Revenues: These are way down, with revenues of just over $800K posted through the first quarter. Total posted receipts comprise only 17% of the total anticipated for the year. At a minimum, we’d like to see this at 20%, or 25%. The number of residential construction permits issued in the first quarter of ’08 is 51, versus 89 issued during the same period of 2007.
So, the softening continues, and our projections suggest revenues ranging from $2.8M to $3.5M for the year, as compared with $4.69M budgeted. If we use a mid-point of $3.2M, this suggests a revenue shortfall for the year of $1.5M for this category.