COMPTROLLER MYCHAJLIW BREAKS DOWN HOW LOSS IN SALES TAX REVENUE WILL IMPACT LOCAL GOVERNMENTS

Erie County Comptroller Stefan Mychajliw says local communities could be hit hard by the loss in sales tax revenue resulting from the Coronavirus Pandemic.  The Comptroller's office ran an analysis of how the losses will impact the bottom lines of every city, town, village and school district in Erie County.  

"This is a trying time for all of us and I know that every village, town, city and school district is carefully monitoring their budget as revenues are expected to take a major hit," said Comptroller Mychajliw.  "While we are all hoping we can get back to 'business as usual' sooner rather than later, we also are aware that the shutdown of businesses and loss of jobs is going to impact sales tax numbers.  As the County's Chief Fiscal Officer, I ran these analyses to provide 'best and worst-case scenarios,' depending on the percentage of sales tax reduction.  Having this information will be essential as everyone adjusts their budget and makes difficult decisions during and after this unprecedented event."

The analysis looks at March through June, making projections for "best and worst case scenarios," depending on the percentage of sales tax reduction Erie County will see.  Using figures currently available to this office, members of Comptroller Stefan Mychajliw's Accounting Division ran this analysis to assist local leaders and superintendents as they monitor and adjust their budgets.

Click here to see how your community could be impacted.