RINGGOLD, Ga. -- Collection of property and sales taxes is down in Catoosa County despite the opening of Costco last year.
Revenue is down 9.2 percent for October and November, Carl Henson, financial officer for the county, told commissioners during the Tuesday meeting.
But he added that expenditures were lower than expected, running below budget.
During Tuesday's meeting commissioners also voted to renew the $4.5 million loan they took out to prepare the site for the Costco Warehouse Club on Cloud Springs Road.
County Attorney Chad Young said the county projected the debt will be paid in five years, but it has to be renewed on an annual basis.
The county projects Costco's first annual sales will be $75 million, out of which the county would receive $2.2 million in taxes, Henson said after the meeting.
The warehouse club will report its sales taxes at the beginning of the year, Young said, but it seems the store is trending ahead of the projections.
Commission Chairman Keith Greene said the county is doing well, even though it was hit by April's tornadoes.
"We expect a very modest growth in the economy in 2012," he said, including a 3 percent increase in house startups, which for the county would mean only a couple of houses.
"It wouldn't be much compared to previous years," he added.