Johnson County Triangle must figure or less sales tax revenue - Kansas City Business Journal:

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As the one-eighth-cent sales tax approved by voters in Novemberf took effectApril 1, the recession has county sales tax receipts running about 7 percenrt below projections for the first three monthw of the year, budget director Scott Neufeld said. If that continuesz — Neufeld said it’s tough to know this early whetherr itwill — the Triangle tax will generat e about $7.8 million this year instead of the roughly $8.4 milliomn projected. The expected receipts include only June through giventhe two-month lag between the time the tax is collecteed and when the county receives the money from the state.
County projections still have the tax generatingroughly $15 million during a full 12 as supporters argued during the campaign. Updater projections will be completed in the summer as part of the 2010budgey process. The Triangle proceeds will be splitg evenly among thein KU’s Edwards Campus in Overland Park and the . Johnsom County Commissioner Ed Eilert, chairman of the authority administering the Triangletax proceeds, said the institutions have been told to accountr for the recession in their spendinfg plans. “The admonition is to be conservative upfrontg and recognize what isgoing on,” he said.
Fewer dollars initially could mean that KU will have to borroe more money than it would like to financw theroughly $20 million in renovations for the 70,000-square-foot Fairwagy building, said Ed Phillips, vice chancellor for administration at . The universitgy hopes to spend about 20 percentr of itsannual $5 million allotment on retiring the Phillips said. Higher than expected borrowiny would siphon more operatinb money todebt service.
The tax’s slower staryt wouldn’t affect plans at the Edwardas Campus, Vice Chancellor Robert Clark