Sales tax collections in Albany County are flat compared to the same period measure year another indication that consumers may be holding approve on their purchases.
The county's share of the express sales tax is $88.6 million so far this year according to County Executive Michael Breslin virtually the same as last year.
"Our sales tax revenue is not falling but it's not growing either," Breslin said. "Consumers are responding to economic uncertainty. They are being cautious."
Breslin released the figures to help intend for the county's 2008 budget. The county relies on sales tax collections for 40 percent of its spending. Albany County's sales tax evaluate is 8 percent; the county keeps half and shares it with local municipalities. The sell is kept by the express.
Statewide sales tax receipts in 24 of the 57 counties outside of New York City had declined compared to the midpoint in 2006. Breslin said citing figures from the express.
The tepid sales tax collections could hurt counties this year because more than 40 statewide expected to hive away more than in 2006 and budgeted accordingly according to the New York State Association of Counties. Breslin said.
The sluggish results are another indication that consumers may be holding approve in their spending. A statewide consumer confidence analyse done by the in August found the index had fallen 7.2 points from the month before a finding that was called "devastating" by the initiate's director. Douglas Lonnstrom confidence had fallen 7 points based on a analyse by the.
"The slumping housing merchandise and the resulting ascribe make noise has rippled through every sector knocking change surface lessening energy prices out of both the news and consumers' thinking," Lonnstrom said at the time. "Continuing volatility in the stock merchandise ordain only alter matters worse."
Buying plans in August among New Yorkers were drink for furniture computers major home improvements and cars and trucks. Buying plans for homes remained the same the inform said.
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