10/9/14: Poloncarz Notes Significant Boost in Sales Tax Projections

Modified: January 23, 2015 3:19pm

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Date: 
10/9/14

3rd Quarter of 2014 Showed Robust 4.71% Growth Overall; Best Quarter Since 2011

ERIE COUNTY, NY— Erie County Executive Mark C. Poloncarz today noted an encouraging surge in sales tax growth in the third quarter of 2014, evidenced by an overall growth in tax receipts of 4.71% in the quarter that augments a pattern of steadily-increasing growth throughout the year. Through August 2014 year-to-date, sales tax receipts have shown 3.63% growth compared to the same period in 2013.

"Erie County’s sales tax revenues continue to grow, inching us closer and closer to being on budget for the year,” said Poloncarz.  “This positive advance in receipts indicates that our projections for 2014 were not overly aggressive, as some said, and that our outlook is realistic and sound.  The steady growth we have seen the last few months is a good omen for the rest of the year and is an encouraging development as we get ready to release the 2015 Budget next week. It is looking more likely that even with the usual fluctuations we see during the year, we will be close to or on budget for sales tax by the end of the year.”

Erie County’s third-quarter sales tax reconciliation, issued by New York State following a reconciliation of actual filings and payments of sales tax for all counties across the state, was 21% higher than in the same period in 2013. This robust return means that Erie County will need approximately 3% growth in sales tax for the remainder of 2014 to reach the budgeted amount.