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Treasurer: sales tax roughly flat, fund balance below policy after 2024 adjustments
Summary
The county treasurer told Ways and Means that through April sales tax is about 1% above last year and that unaudited 2024 fund balance is below the county policy range after ARPA and one-time uses; staff warned the legislature to plan to close the budget gap for 2026.
Cayuga County’s treasurer presented month-to-date sales-tax and fund-balance figures to the Ways and Means Committee on April 9, reporting that sales-tax receipts through April were roughly flat with the prior year and that interest-income projections remain subject to broader market changes.
The treasurer’s sales-tax report through April showed collections up about 1% compared with the same period in 2024; the presenter cautioned that it is early in the year and that prior-year monthly projections had shifted considerably by year end. The treasurer said the 2025 sales-tax budget figure of about $31.02 million remains reasonable under current conditions.
On interest earnings the treasurer said 2024 earned about $2.1 million overall and that higher rates on money-market accounts contributed materially; the department is reallocating cash into higher-yield accounts when prudent. The treasurer also noted discussions about possible future Fed rate changes and the impact on interest income.
Most significantly for county-wide finance, the treasurer and staff presented an unaudited year-end 2024 fund-balance estimate of about $14.2 million in the A (operations) fund. That figure sits below the county’s adopted fund-balance policy range (10%–15% of revenues), leaving the county approximately $2 million under the low end of the policy target on a gross basis. Staff said one-time resolutions and ARPA revenue had materially affected the 2024 result: without ARPA revenue, the county’s 2024 use of fund balance would have been roughly $9 million rather than about $6.2 million.
Presenters urged the legislature to begin planning options to close the structural gap (expenditure reductions, revenue measures or other fiscal tools) and noted the county is engaging bond counsel and fiscal advisers to evaluate long-lead items for capital financing.
Ending The treasurer and finance staff will continue quarterly budget reporting and recommended early discussion of medium-term fiscal strategy to keep the county within its fund-balance policy range. Committee members asked about potential timing for the next detailed review; staff suggested a mid-year or special budget meeting if members wanted more frequent review.
