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Tompkins County finance staff report slow sales tax growth, stronger casino and cannabis receipts; cash balances down
Summary
County finance staff told the Budget, Capital and Personnel Committee that sales tax growth in 2024 was modest, casino and cannabis receipts exceeded recent budgets, monthly interest earnings fell as cash balances declined and contingency reserves finished 2024 with an unspent balance.
Laurie Skerritt, Tompkins County director of finance, told the Budget, Capital and Personnel Committee on Feb. 13 that county sales-tax collections for 2024 were up 0.56% year‑over‑year and that the county’s share mirrored that increase.
Skerritt said the county is “up point 56%” year to year but noted the growth was the slowest annual rise since the COVID‑19 decline in 2020. She cited the New York State Comptroller’s summary that 2024 growth was “less than half of the average pre‑pandemic growth rate.”
Why it matters: Sales tax is a major revenue source for county operations and discretionary programs. Smaller-than-expected growth tightens the margin for next year’s budget and increases the importance of other revenue lines and contingency planning.
Skerritt reviewed other revenue streams and cash positions. She told the committee that Tompkins County budgeted $2.1 million for casino revenue in 2024 and received about $2.4 million, a roughly $300,000 positive variance. She said the county’s December casino receipts for the fourth quarter totaled about $614,173 and that overall 2024 casino receipts were higher than recent years.
On cannabis tax receipts, Skerritt said the September–November 2024 quarter “is the best quarter we’ve had to date.” She reported figures shown in committee materials: Tompkinsville (not specified) received $33,000, the City of Ithaca about $607,000, and Tompkins County $303,000 for that quarter.
Skerritt also reviewed the county’s cash and investment picture. She said monthly interest earnings have fallen since July because interest rates declined and the county intentionally laddered certificates of deposit (CDs) into longer maturities at lower rates. She added that overall cash balances are decreasing as American Rescue Plan Act (ARPA) funds are spent down.
On contingency, Skerritt told the committee the county ended 2024 with $3.56 remaining in the contingency account after expenditures of about $1,170,000; the 2025 contingency budget is $1.3 million. She said some amounts have been earmarked for near‑term needs (GIS, geothermal, other items) but not yet spent.
Committee members asked for more granular flowcharts and distribution details. Skerritt agreed to resend the sales‑tax allocation flowchart and to provide the budgeted sales‑tax total figure on request.
Ending: Skerritt said the finance team is rolling out new modules (procurement/OpenGov and a debt management module) to improve revenue recognition and reporting in real time.
