Mineola, NY- Nassau County Comptroller George Maragos reported that the County’s 2015 sales tax receipts ended at $39.5 million under the adopted 2015 budget. Nassau County collected a total of $1.103 billion during 2015 an increase of just $13 million or a 1.2% increase in revenues over 2014.
“Sales tax revenues were lower than originally budgeted but in line with midyear revised projections,” said Comptroller George Maragos. “Sales tax revenue growth was weak for the 3rd consecutive year. It appears that future County sales tax revenue will continue to lag economic growth due to minimal wage gains at the lower salaries, and the accelerating shift to out-of-state online shopping. Budget planners should moderate their sales tax revenue projection and their spending commitments.”
Sales tax is the County’s largest source of revenue, accounting for approximately 40% of budgeted revenues.
Please connect with Nassau County Comptroller Maragos Online:http://www.nassaucountyny.gov/agencies/Comptroller/index.html