Mineola, NY - February 10, 2017 - Nassau County Comptroller George Maragos reported that the County’s 2016 sales tax revenues approximated $1.13 Billion, up 2.3% from the prior year and $11.9 million or 1% higher than budgeted.
“The more conservative budgeting for sales tax revenues has been borne out in the final numbers and has influenced moderated spending which will have very positive overall budgetary results,” said Comptroller George Maragos. “Sales tax revenues appear to have exceeded overall economic growth for the first time in years but uncertainty will persist with the shift to online shopping and reduced mall traffic. Budget planners should continue to 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.
