Sales tax revenues are lagging behind expectations, Erie County Comptroller Stefan I. Mychajliw said Wednesday as he issued an interim financial report for the second quarter of 2013. He warned that if this continues, it could lead to a county budget shortfall of more than $6 million by year’s end.
Mychajliw noted that the 2013 budget projected a 3.73 percent growth in sales tax revenue, to $426,033,687, but sales tax receipts increased only 2.27 percent for the first five months of the year. At this rate, he said, the budget gap would be $6 million.
Terming the sales tax projections “overly aggressive,” Mychajliw added, “Our office will continue to keep a close eye on month-to-month actual revenue.”
The second quarter report also includes investment reports, cash flow statements, a property tax summary, debt schedules and other financial data. The full report can be found at www.erie.gov/comptroller.