In fact, flip tax revenue for the first 8 months of the fiscal year falls $863,000 short of what was budgeted, projecting to a $1.3 million deficit for the year.
How big a deficit is that? That’s about 5% of total projected income. It would take a 9% maintenance increase — retroactive to July — to put us back in the black.
But sales can be highly volatile, not under the coop’s control, and a good spring could make up for a lousy winter. February’s flip tax was great ($726,500) and if we stick to that pace for the next four months we’d be all clear.
I’ve reached out to board members Lee Berman and Peter Herb to find out if the potential deficit has been discussed at board meetings, and I’ll let you know what I find out.