The Seneca County Board of Supervisors has advanced a proposal for sharing surplus sales tax revenue with its ten towns and four villages.
Initially approved by an 8-5 vote in July, the plan’s details were developed by the county manager, county attorney, and the Ways & Means Committee.
The Committee has unanimously approved a sharing formula, with the full board set to vote on October 10.
If accepted, towns and villages could start receiving extra funds in 2025, based on the sales tax collected as of September 30, 2024.
This proposed local law mandates a public hearing at 6 p.m. on November 14, should it gain approval on October 10.
The legislation intends to allocate surplus sales tax revenue exceeding the budgeted amount for various town and village level projects or programs, which are generally outside the fiscal capabilities of these localities.
However, the county would retain $750,000 of the excess sales tax revenue, and sharing would occur only if the remaining surplus does not exceed 10% of the prior year’s actual sales tax revenue.
The process of revenue sharing would commence with an audited report on the amount of sales tax available for sharing, followed by an assessment of the property value within each town and village.
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