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The original item was published from 7/11/2014 1:40:00 PM to 1/2/2018 1:40:10 PM.

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County Comptroller News Releases

Posted on: July 11, 2014

[ARCHIVED] Nassau County Sales Tax Receipts Down 9%

2014 Revenues May Decline Over $90M

Mineola, NY - Nassau County Comptroller George Maragos reported that the County’s mid-year 2014 sales tax receipts declined by 9% year-to-date or $47.6 million compared to the same period in 2013. At this rate, the projected annual sales tax revenues will be approximately $90.7 million less or 5.9% lower than the County’s adopted budget of $1,166 million.

Comptroller George Maragos said, “This sales tax decline was not completely unexpected although it is still disappointing. At the end of the first quarter, we projected over $70 million less in sales tax revenues due to flat consumer income growth and shifts to online purchasing. The impacts of these trends now appear pronounced and may be long lasting. This will be a real blow to the 2014 budget and to the multi-year plan.”

Sales tax is the County’s largest source of revenue, accounting for approximately 42% of budgeted revenues. Immediate steps to reduce planned expenditures or the establishment of new revenue streams are essential to sustain the financial health of the County.

Comptroller Maragos added, “The Administration and NIFA must take immediate action to deal with this significant shortfall in projected revenues which is exacerbated by the increased costs from the recent labor settlements, and the County’s continued overtime overruns. Failure to act will be dire to the County’s path to fiscal stability.”

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