Estimated local sales-tax collections in New York state grew by 3.8 percent in August compared to the year-ago month, and in Central New York the gain was more than double that.
That’s according to data released Tuesday by State Comptroller Thomas P. DiNapoli. Overall, local collections across the state totaled $1.85 billion in August, up $68 million in year-over-year comparisons.
“Growth in local sales tax collections improved in August, year over year, after being flat in July,” DiNapoli said in a statement. “While this growth is certainly encouraging, local officials must keep in mind sales tax revenues can be volatile and budget cautiously.”
(Sponsored)
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
Timekeeping Trap: Be Careful When “Rounding” an Employee’s Work Time
The Fair Labor Standards Act (FLSA) regulations do not require an employer to track and pay an employee for the exact number of minutes they actually work. As currently written,
In August, county and city sales-tax collections in the rest of the state, outside New York City, totaled $945 million, an increase of 3.5 percent. Most (45 of 57) counties experienced year-over-year increases in collections.
In Central New York (Cayuga, Cortland, Madison, Onondaga, Oswego counties), sales-tax collections rose 7.8 percent to just over $60 million in August from $55.7 million in August 2023. Onondaga County posted the biggest increase in the region at 10.8 percent.
The comptroller said these monthly sales-tax collections are from the cash distributions made to counties and tax-imposing cities by the state Department of Taxation and Finance. The amounts are based on estimates of what each municipality is due. In the third month of each calendar-year quarter, these distributions are adjusted upward or downward, so that the quarter as a whole reflects reported sales by vendors. The next quarterly numbers (for July to September) will be available in October.
