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Q&A
Council Member Brannan inquires about increased tax audit revenue projections
4:42:25
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68 sec
Council Member Justin Brannan asks Commissioner Preston Niblack of the Department of Finance about the impact of a projected increase in tax audit revenue. The projection was based on hiring additional staff and was included in the November 23 plan. Commissioner Niblack provides an update on the hiring progress and the resulting increase in audit revenue.
- 31 out of 45 allocated positions have been filled
- Audit target has been increased since the beginning of the year
- Approximately $50 million in additional audit revenue has been recognized in the executive plan
- The increase is now incorporated into the baseline audit projection
Justin Brannan
4:42:25
In the November 23 plan, DOF had a peg for increased tax audit revenue, was projected to provide $24,000,000 in additional revenue for FY24 and $48,700,000 in FY25 in the out years.
4:42:41
This would be accomplished through the hiring of 45 additional staff.
4:42:47
Can you provide us with an update on the impact of that peg if it worked?
Preston Niblack
4:42:53
It has, I think.
4:42:54
We've hired, we have currently of those positions filled, have 45 staff that was allocated to us, and we have 31 of those currently filled.
4:43:07
We have increased our audit target since the beginning of the year.
4:43:11
Just most recently in the executive plan, we recognized roughly about the deputy commissioner's share for $50,000,000 50 roughly $50,000,000 in additional audit revenue.
4:43:26
And it's now baked into that that increase is now baked into our baseline audit projection.
Justin Brannan
4:43:32
Okay.