June 12, 2009                                        

Weitzman says latest sales tax figures continue to closely follow 2005 trends

Nassau County Comptroller Howard Weitzman said today that the County’s latest sales tax distribution check was $12.5 million for the time period covering the month of April 2009, down 10.6% from last year’s check from the same time period, which translates into almost $0.9 million less in revenue in the County’s coffers. Since the start of 2009, the sales tax free fall has translated into a $37.8 million decrease, or 10.6% year to date.

"Sales tax figures continue to closely follow 2005 trends,” said Weitzman. “In 2005, we had received $320.8M in sales tax revenue at this point compared to the collections to date this year of $320.3M. If this trend continues, we will end 2009 with sales tax revenue declining $49.3M or 4.9% under 2008 sales tax receipts. This would give the County $85 million less in sales tax revenue than budgeted. While this is by no means ‘good news’, it’s better than our earlier prediction that sales tax could drop $100 million under budget.”