This Bay Area city celebrated as sales tax revenue ballooned $37 million. Now the state wants it back.

The City of Fremont will have to repay tens of millions of sales tax dollars to the state of California after an accounting blunder gave it a financial windfall that some say they should have immediately identified as an error.

The mistake highlights the challenges of local budget planning amid a delicate relationship between cities and the California Department of Tax and Fee Administration, a state agency charged with collecting sales tax from businesses.

“It’s not a particularly unique circumstance. This happens all the time,” said David Persselin, Fremont’s finance director. “But it’s usually smaller numbers.”

Read original article here

Denial of responsibility! News Continue is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment