Thursday, 21 July 2022 14:08

City Finances: June Sales Tax Revenue Slump A Cause for Concern

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SARATOGA SPRINGS – Pronouncements aside by some of a robust summertime season-in-progress, Saratoga Springs Finance Commissioner Minita Sanghvi told the council at its July 19 meeting that tax revenue the city receives to help fund its budgeting is down when comparing June 2022 to June 2021 levels. 

“Today I bring some not-so-good news. While our sales tax collections in the past have been strong, we are seeing tepid results this month,” Sanghvi said. “This is a major cause for concern.” 

Sales tax revenue is down 13.47 % June 2022 compared to June 2021, a $54,000-plus decline. Occupancy tax is up, but mortgage tax is down by about 4%, she added. 

“Maintain your budgets, find cuts if possible, and definitely don’t add any increases. Please look at absolutely must-do things, and not a wish list,” Sanghvi urged councilmembers. “I was talking about how the recession was on our doorstep; Well, it’s knocking.” 

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Thomas Dimopoulos

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