Goshen, N.Y. – Moody’s Investors Service has recognized Orange County for sharing $3.8 million in sales tax surplus received for fiscal year 2017 to its municipalities.
“Tourism and economic development are creating jobs and growing the economy,” Neuhaus said. “More local spending generates more sales tax which helps our local governments. This has been key to the financial turnaround Orange County is continuing to make. Local officials can use these funds to reduce property taxes, encourage further economic vitality, and fund government services which might otherwise be negatively impacted.”
According to the State Department of Taxation, Orange County’s sales tax revenue rose by more than $15 million in 2017, an increase of more than five percent from 2016. It was the largest gain among mid-Hudson counties. Orange County budgeted $265.4 million in sales tax for 2017, but generated $280.5 million. The County shares that revenue with 41 towns, villages and cities.
Under County Executive Neuhaus’ administration, the County fund balance is being replenished to levels recommended by the State Comptroller. Just last year, State Comptroller Thomas DiNapoli took Orange County off the list of counties susceptible to financial stress.
“This is great progress, but there is more work to be done,” Neuhaus said. “We must continue to make economic development and tourism priorities and I hope our local governments use this unplanned funding to meet essential needs and encourage further economic growth.”
For more information, contact Justin Rodriguez, Assistant to the County Executive for Communications and Media Relations at 845.291.3255 or email@example.com.