NEWS FROM THE OFFICE OF

ULSTER COUNTY COMPTROLLER

ELLIOTT AUERBACH
ELLIOTT AUERBACH COUNTY COMPTROLLER 244 FAIR STREET KINGSTON, NEW YORK 12401 PHONE: (845) 340-3529 eaue@co.ulster.ny.us
www.youreyesonlulster.com

TRENDS IN COUNTY REVENUE SOURCES

DANGEROUS TIME FOR SALES TAX POLITICS SIGNS OF LIFE IN HOUSING MARKET
For Immediate Release Kingston NY (October 7, 2013) Ulster County Comptroller Elliott Auerbach has issued an economic indicators report focusing on County revenues from sources other than property taxes. The Report concludes that these sources of revenue generated nearly $1.3 million less in the first half of 2013 than in the first half of 2012. The revenue in question is largely derived from sales tax, licensing and permit fees, and deed and mortgage recording fees. While the largest percent decrease is seen in the category of licenses, permits and fees (6%), Auerbach noted that the largest dollar decrease can be seen in the category of sales tax revenues, which declined over $1.5 million, or roughly 3%, during the sample period. Auerbach points out that the decrease is worthy of concern because it is these sources of revenue which feed municipal budgets without having to increase property taxes. Particularly in light of the sales tax crisis faced by the County at the state level, the decrease in these revenue streams is alarming. With sales tax revenues already trending downward, this is a dangerous time to allow Ulsters sales tax rate to decrease as well, said Auerbach, referring to the failure of the State to extend Ulsters 1% sales tax increase request. Our Office certainly hopes that our representatives in Albany unite in getting that sales tax request reinstated as quickly as possible. One piece of potentially encouraging news is that the revenues earned through deed and mortgage taxes saw a 12% increase the first half of 2013 compared to the first half of 2012, which indicates an increase in real property purchases. A recent report from the Ulster County Board of Realtors indicated that both the number of sales and sale prices increased year-over-year in September, a further indication of a continuing and hopeful trend. Our Office participates in data gathering and reporting in partnership with the U.S. Department of Commerce and in doing so develops a measurable information baseline. Its important that Ulster residents and lawmakers know the facts and trends that impact the taxpayers so that they can plan and budget for the future, said Auerbach. The report, entitled ULSTER COUNTY NON-PROPERTY TAX AND FEE REVENUE: ECONOMIC INDICATORS REPORT, can be found on line at www.ulstercountyny.gov/comptroller

The mission of the Ulster County Comptrollers Office is to serve as an independent agency of the people and to protect the public interest by monitoring County government and to assess and report on the degree to which its operation is economical, efficient and its financial condition sound.