Data Received Today from New York State Shows County Meeting Budget for the County’s Largest Revenue Source Through November 2012
County Executive Notes that the County Shares 45% of Sales Tax with Local Governments and School Districts
ERIE COUNTY, NY— Today, the administration of Erie County Executive Mark C. Poloncarz reported that through November 2012, the County is on-budget for 2012 for its largest revenue source, the sales and compensating use tax.
Today, the County received November 2012 sales tax data from the New York State Department of Taxation of Finance. The latest numbers for eleven (11) months of 2012 shows that the County is on pace to meet its budget target of $695.5 million, of which the County is to retain $380.2 million and will share $315.3 million with cities, towns, villages, school districts and the Niagara Frontier Transportation Authority (“NFTA”).
“The latest sales tax data shows that the County is meeting our 2012 budget target for our largest revenue source, and that is positive,” said Poloncarz. “Because sales tax is the County’s largest revenue source and can be quite volatile, my Division of Budget and Management, like the Comptroller’s Office, is constantly monitoring this key revenue and reporting to the County Legislature as necessary. Based on this information, we still anticipate Erie County will end 2012 with a modest surplus.”
The County’s adopted 2012 Budget forecast 2.51% growth in sales tax over 2011, and through November 2012, the County is at 2.52% over 2011 sales tax receipts. The November 2012 sales tax remittance includes a prior period adjustment and quarterly reconciliation.
The County’s 2013 Budget includes sales tax revenue totaling $720.9 million, of which the County is budgeted to receive $394.6 million and local governments and the NFTA will receive $326.3 million, providing a critical and largely unknown revenue source for local governments and school districts.