Wednesday, July 8, 2009
The Allegheny Regional Asset District Board has decided to continue the 10 percent withhold of revenue it began in January. RAD Board Treasurer Stanley Parker says July tax revenue, representing May sales, is 6.5 percent less than one year ago, and the second consecutive month that revenue has dropped more than 5 percent. It is the biggest drop in revenue RAD has experienced since the body formed. The board is to meet again in September to discuss the allocations again. According to trends, an upswing is expected in August tax revenue, representing June sales. Parker says he is optimistic that things will change, but it is too soon to tell. The RAD Board uses revenues from the additional 1% sales tax in Allegheny County to make grants to libraries, parks and cultural institutions.