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Finance Director Snyder Reports Favorable Sales Tax Results for 2017

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Finance Director Snyder Reports Favorable Sales Tax Results for 2017

Tuesday, February 6, 2018

County Finance Director Rick Snyder presented the County Sales Tax report for 2017, reporting the County’s share of receipts for the year 2017 at $35,262,872—6.22% above receipts for 2016 and more than $1.8 million dollars above budget. Director Snyder said reconciled fourth-quarter receipts were up by 9.28% compared to the fourth quarter of 2016; he noted that the more than $3.9 million in receipts for December and more than $9.3 million during the fourth quarter represented the strongest showings of their types ever. “This is not only the best December, but the best quarter and the best year that we have on record,” he said.
Mr. Snyder said State Comptroller DiNapoli has reported local sales tax collection growth in the State as the highest since 2013, citing improved consumer confidence and stronger, though modest, wage growth; an increase in statewide motor fuel collections, with consumer spending and retail sales conditions for the first three quarters steady to modest, and the fourth quarter ending the year on a strong note.

Director Snyder also reported on the County’s sale February 1 of $5,174,000 in one-year Bond Anticipation Notes at a net interest rate of 1.5986% to Oppenheimer & Co., and the sale of $1,825,000 of ten-year Public Improvement (Serial) Bonds at a net interest rate of 2.328% to Roosevelt & Cross, Inc., and Associates. Proceeds of the long-
term bonds support Library improvements, phase 4 of the Ellis Hollow Road project, and 2018 road and bridge improvements.