Mineola, NY- The County’s 2012 final sales tax revenues, net of deferrals, increased by 5.2% to $1.078 billion over the prior year and 2.1% or $21.9 million higher than budgeted. Final sales tax cash receipts, without deferrals, came in at $1.07 billion for a 4.2% increase over the prior year.
The final 2012 sales tax check came in a very strong 24% higher than the final check in the prior year and appears to confirm the strong recovery after Superstorm Sandy.
“This is indeed good news for County taxpayers as it underscores the strength of the economic recovery since Superstorm Sandy,” said Comptroller George Maragos. “This economic strength is rippling throughout our County, creating jobs and opportunities.”
The additional federal assistance recently approved by Congress and signed by the President can be expected to provide an additional stimulus to the County economy and accelerate economic growth in 2013. However, as always the fights in Washington over “sequester” may nullify these forecast gains.
Nassau County Comptroller Maragos Online: