Mineola, NY- Nassau County Comptroller George Maragos reported that the County’s mid-year 2015 sales tax receipts increased 1.4% year-to-date or $6.6 million compared to the same period in 2014. At this rate, the projected annual sales tax revenues will be approximately $35 million less than the County’s adopted budget.
“The slowing US economy, weakness in consumer spending and the online shift in consumer purchasing patterns continue to negatively affect our sales tax receipts,” said Comptroller George Maragos. “The County has already taken steps to mitigate the shortfall and will be prepared to take further measures as required.”Sales tax is the County’s largest source of revenue, accounting for approximately 42% of budgeted revenues.
Connect with Nassau County Comptroller Maragos Online:http://www.nassaucountyny.gov/agencies/Comptroller/index.html