Long Island's Nassau County is on a pace to miss budget projections for sales tax receipts even after an increase for the first half of 2015.
Nassau County Comptroller George Maragos reported on July 10 that mid-year sales tax receipts rose 1.4% or $6.6 million compared with the same period for 2014. Maragos said at this rate Nassau's projected sales tax revenues will be roughly $35 million less than the county's projected budget.
"The slowing U.S. economy, weakness in consumer spending and the online shift in consumer purchasing patterns continue to negatively affect our sales tax receipts," said Maragos in a statement. "The County has already taken steps to mitigate the shortfall and will be prepared to take further measures as required."
The sales tax accounts for Nassau's largest source of revenue, accounting for around 42% of budgeted revenues, according to Maragos. Nassau County is located just outside New York City and rated A2 by Moody's Investors Service.
