Cayuga County and its Municipalities Record Double-Digit Sales Tax Revenue Growth | Business
A year after Cayuga County saw a 1.4% increase in sales tax revenue and the city of Auburn saw a decline, 2021 saw double-digit growth.
Cayuga County’s share of sales tax funding last year jumped 20.1% to $ 28.8 million, according to figures released this month by the Cayuga County Department of Finance. .
Auburn’s sales tax in 2021 rebounded from falling 4.8% a year earlier to end up 14.3% to $ 10.7 million.
Once the state reduces the sales taxes collected, Cayuga County receives a portion of the sales tax revenue from the county-wide transactions and shares the revenue with cities and towns. The town of Auburn, thanks to a pre-emption law it passed many years ago, collects sales taxes based on transactions within its border.
Sales tax revenues reflect consumer spending and constitute a significant portion of the budget of most municipalities, generally the second largest source of revenue behind property taxes.
Cities in Cayuga County in 2021 collectively received $ 15.9 million, up 23.6% from 2020, while its villages’ share jumped 24.5% to 2.2 million.
Sales tax figures for the entire state are not yet available, but based on trends in data reported through the end of November, sales tax growth in Cayuga County was equal to or better than many other areas of New York City.
Data from the State Comptroller’s Office through the end of November showed sales tax collection growth of 18.5% compared to the same period of 2020. For counties outside of the city of New York, it was 17.4%.
The central New York area increased 20.9%. The Controller defined the CNY to include the counties of Cayuga, Cortland, Madison, Onondaga and Oswego.
Get the latest local business news for FREE delivered to your inbox every week.