Attached is information regarding the County’s first quarter sales tax collections. An increase of $853,748 or 11% is noted. To that point, the sales tax revenue generated in December is filed with NYS in January. Further, the State treats this revenue stream as an annual amount based on historical trends and makes adjustments to keep any given quarter within a forecasted trend statewide. This is similar to, but not the same as, the way the electric utility company might deal with an annual budgeted payment by a customer. A reconciliation by NYS takes place in the third month of the quarter in an effort to “smooth out the bumps”.
It is my opinion, an 11% in crease in the quarter before the “New York Pause” can not be used to predict the outcome of the fiscal challenges we face.
Michael A. Montigelli
Jefferson County Legislator
Chairman, Finance & Rules
Jefferson County NY Sales T… by Newzjunky on Scribd