Data I have received from the City of Portland shows that collections to date are lagging below that historical projection.
- For the first 11 months of CET adoption, from August of 2016 to June 2017, total collections were only $1.897 million.
- For the first three months of FY 2018 (July 2017 -September2017 ) total CET collections were $2.525 million.
- So for the first 14 months total collections were only $4.422 million vs the previously projected $8.085 million projection for 12 months.
- However, IF collections in first quarter of FY 2018 are annualized then total FY 2018 collections would be $10.102 M, but still only $12.12 Million for 23 months (or an average of $6.086 Million annualized for the first two years, or 25% below the projections based on the preceding 5 year average).
Portland's collections experience may be useful for other jurisdictions considering a CET , including Euguene and Washington County.
Originally created and posted on the Oregon Housing Blog.