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Comptroller reports sales-tax dip, audit recoveries and monthly reporting plan
Summary
Comptroller Gallagher told the Ways and Means Committee that year-to-date sales tax collections are $57.6 million (a 2.46% decline), cannabis and occupancy tax receipts require clarification, interest earnings are tracking at roughly $3.5 million, and audits have recovered about $200,000 in additional revenue.
Comptroller Gallagher presented the office’s June financial update to the Ways and Means Committee on June 12, reporting on tax receipts, interest earnings and ongoing audits.
Gallagher said year-to-date sales tax receipts through April total $57,600,000, a 2.46% decline from the same period last year, and that collections appear to be improving after a weak February. On cannabis tax, the controller said the county received $96,760 from the state controller’s office for quarter one and later received a $190,000 payment on May 28 that the office is still clarifying; Gallagher said the timing and characterization of some payments remain uncertain.
On occupancy tax, Gallagher said the county received about $2,200,000 and expects to meet budgeted projections after accounting adjustments. Interest earnings year-to-date were reported near $3,500,000, roughly 45% of the annual budgeted interest income; Gallagher noted $511,000 of that came from certificates of deposit.
The comptroller reported that an audit of occupancy taxes and a community action audit are in draft or final stages; the audit work has generated about $200,000 in additional revenues so far. Gallagher said the comptroller’s office will begin providing a written monthly financial report to the committee going forward to meet charter reporting expectations and to reduce recurring ad-hoc requests for data.
Committee members thanked the comptroller and asked for further detail on specific audit findings; Gallagher said the office would provide more information in the final audit reports but would not disclose the identity of an operator whose returns prompted much of the additional revenue because tax returns are confidential.
Why it matters: The figures provide the legislature and the public with current revenue trends and audit outcomes that affect budget planning and town distributions.
