Population Explosion Fattens County Treasury
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Riverside County’s unprecedented population growth has stuffed county coffers with tax revenue, creating a $124-million primary reserve, county finance director Bill Luna told the Board of Supervisors on Tuesday.
The 89,000 people who moved to Riverside County from June 2003 to June 2004 -- a 5% population increase, making Riverside the fastest-growing county in California -- virtually doubled expectations for economic growth, said Christopher Hans, the county’s budget coordinator.
Property tax revenues have climbed an average of 12% over the last six years, he said, and sales tax revenues have spiked about 10% this year.
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