The final Dutchess County sales tax and mortgage tax income for 2008 showed a multimillion-dollar shortfall beneath projections, according to budget director Valerie Sommerville.
Things look worse for this year.
Sommerville”™s memo on March 9 informed county legislators, elected officials, department heads, village mayors and town supervisors that less money is coming in and there will be less to spend.
Specifically, final county sales tax income for 2008 was $124.7 million, which was $1.6 million less than the estimate. Final county mortgage tax revenues for 2008 were $4.6 million, or $2.3 million less than the 2008 budget estimate, Sommerville said.
The county’s year-to-date 2009 sales tax revenues are down by $807,000, or 7.6 percent, compared with the same period a year ago, Sommerville said.
The effect of the 2008 sales and mortgage tax revenues on the county’s finances will not be known until the 2008 budget closeout is completed sometime in April and figures are viewed within the context of the total budget instead of as isolated items, she said. Dutchess County has an approved budget of $397 million for 2009.
Indications of black ink so far are not promising, as it appears unlikely last year”™s shortfall will be made up by any windfall this year. As of February, county mortgage tax income is down by about $420,000 or 51 percent compared with last year, Sommerville said.
There has been no compilation of sales tax data yet this year.
