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Finance reports modest sales-tax growth, investment positions and casino revenue; contingency use small
Summary
Finance staff reported year-to-date sales-tax receipts up roughly 4.07% and an unallocated county portion up about 4.42%; the investment report showed cash and CD management strategies and contingency use through July was modest at about $75,500.
The county's finance director presented mid-year financial indicators including second-quarter sales-tax receipts, investment balances and contingency usage.
Daryl reported year-to-date sales-tax receipts and said the county portion of unallocated sales tax is up about 4.07% compared with the prior year; he also noted the city of Ithaca showed larger growth in the period. "So the unallocated is the thing that most closely matches what we've budgeted for receipts," Daryl said, adding that the county remains roughly on track for the first half of the year. Finance also reported investment holdings (including cash in Tompkins Community Bank and some restricted instruments) and said interest earnings are partly restricted and will be reconciled against budget lines.
Contingency usage through July was reported at about $75,500 of a $1,399,000 contingency budget. Casino revenue for the quarter totaled $700,864 and was slightly higher than the prior year quarter.
