Nassau sales tax collections soar
Nassau ended 2019 with a $12.8 million surplus in sales taxes, much higher than anticipated in December by the administration of County Executive Laura Curran.
The Legislature's Office of Budget Review says that the state's final sales tax check to Nassau for 2019 shows that collections increased $42.7 million over last year, a 3.6 percent increase. That brings total yearly sales tax revenue to $1.244 billion.
Because of accounting rules, the county must defer approximately $1.9 million of the surplus until 2021, which gives Curran $10.9 million in extra revenues for this year's expenses.
Oddly, Curran's office of Management and Budget projected no increase in sales taxes in its last report to the county's fiscal control board, the Nassau Interim Finance Authority.
A November finance report, issued Dec. 23, predicted flat sales tax revenues and an overall county operating surplus of $215,823 by the end of last year.
The office has yet to issue a report for December.
OLBR predicts that the county should reach budget projections that sales tax revenues will increase by 1.9 percent this year. It cited internet sales taxes collections and positive economic indicators, such as increased construction starts in the New York area, a 15.2 percent hike in pending home sales and a survey that showed a majority Long Island businesses are bullish on revenue growth.
If Nassau revenues continue to soar, can an end to the NIFA financial control period be far behind?
Pundits have predicted that NIFA--run by an appointee of Democrat Gov. Andrew Cuomo-- will declare the county out of financial trouble by the time Democrat Curran runs for re-election next year.
The Legislature's Office of Budget Review says that the state's final sales tax check to Nassau for 2019 shows that collections increased $42.7 million over last year, a 3.6 percent increase. That brings total yearly sales tax revenue to $1.244 billion.
Because of accounting rules, the county must defer approximately $1.9 million of the surplus until 2021, which gives Curran $10.9 million in extra revenues for this year's expenses.
Oddly, Curran's office of Management and Budget projected no increase in sales taxes in its last report to the county's fiscal control board, the Nassau Interim Finance Authority.
A November finance report, issued Dec. 23, predicted flat sales tax revenues and an overall county operating surplus of $215,823 by the end of last year.
The office has yet to issue a report for December.
OLBR predicts that the county should reach budget projections that sales tax revenues will increase by 1.9 percent this year. It cited internet sales taxes collections and positive economic indicators, such as increased construction starts in the New York area, a 15.2 percent hike in pending home sales and a survey that showed a majority Long Island businesses are bullish on revenue growth.
If Nassau revenues continue to soar, can an end to the NIFA financial control period be far behind?
Pundits have predicted that NIFA--run by an appointee of Democrat Gov. Andrew Cuomo-- will declare the county out of financial trouble by the time Democrat Curran runs for re-election next year.
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