Nassau County's sales tax revenue surged in the first quarter and is already close to meeting its budgeted target for the year.
George Maragos, the comptroller for the N.Y. county, reported that Nassau's sales tax collections grew 5.1% during the first three months of the year. The Long Island county had budgeted for a 1.26% sales tax increase from 2016 in its 2016 fiscal budget. Maragos noted that Nassau now only needs a 0.37% increase in sales tax revenues for the balance of 2016 in order to meet its budget mark.
"The first-quarter sales tax revenues were welcome news and reflect the health of the local economy, near full employment and very low interest rates," said Maragos in a statement. "As these trends are not expected to materially change during the balance of the year, the County should have no issue exceeding its budgeted sales tax revenues."
Nassau County, which is located just outside New York City, has an A2 credit rating from Moody’s Investors Service. The county’s fiscal control board, the Nassau Interim Finance Authority, approved a $2.95 billion 2016 budget in December that mandates quarterly reviews to tack if revenue and spending levels are on track.
