CHENANGO COUNTY – Given a shortfall in sales tax revenue and a looming property tax cap that’s likely to be less than one-half of one percent, Chenango County’s financial interests for 2017 look a bit shaky, county officials say.
On Monday, Chenango County Treasurer William Craine updated the county Board of Supervisors on the county’s current fiscal standing, and warned of the obstacles Board members may face heading into the 2017 budgeting season.
News from the NYS Comptroller’s office suggests that the county may need to deal with an unprecedented property tax cap as low as one-tenth of one percent next year. Couple that with 2016 sales tax revenue that’s already one-half of 1 percent below projection, and it’s good reason to be vigilant, said Craine.
“We’re looking at a situation where we will have very little if any tax cap relief, and it appears as if we will have very little if any sales tax relief,” he said. “We have some heavy lifting to do here.”