Cortland County’s Budget and Finance Committee will meet Tuesday and vote on approving the first quarter sales tax distributions for FY-2020, which were up around 8.5% over last year’s.
Early estimates show the second quarter will take a substantial hit from the closures caused by the pandemic, but it’s still unclear how much damage is done.
County officials say gauging the impact is being made even more difficult by recent word that Q2 distributions will be made by way of two separate payments from the state.
More details on that are expected soon.
Meanwhile, the latest collections calculated by the state comptroller’s office came in at just under $7.6M.
After “off the top amounts” are deducted for county-wide purposes, just over $3.3M is left for distribution among the various municipalities, some of which have opted to apply part of their share to offset property taxes.
Here’s the full breakdown of distribution:
Also at Tuesday’s meeting, the budget committee will vote to authorize the disbursement of mortgage tax funds collected between October 2019 – March 2020.
Basic Mortgage Tax is submitted with interest to the county, which is then calculated to apportion the basic mortgage between each town and village.
Here’s how those checks are expected to go out:
- City of Cortland – $102,964.43
- Town of Cortlandville – $63,446.41
- Town of Cincinnatus – $4,765.68
- Village of McGraw – $1,806.72
- Village of Homer – $197.69
- Town of Cuyler – $441.09
- Town of Freetown – $3,277.10
- Town of Harford – $2,622.62
- Town of Homer – $28,709.71
- Village of Homer – $21,464.56
- Town of Lapeer – $2,967.25
- Town of Marathon – $8,085.85
- Village of Marathon – $4,485.42
- Town of Preble – $3,928.95
- Town of Scott – $5,567.61
- Town of Solon -$4,918.11
- Town of Taylor – $2,702.28
- Town of Truxton – $3,898.89
- Town of Virgil – $17,926.10
- Town of Willet – $5,542.52
- TOTAL: $289,718.99
County Finance Director Andrea Herzog did report some good news at a municipal COVID-19 update conference held Wednesday.
Several key financial documents are set to be filed on-time to the federal government, something that caused difficulty for the county in years prior.
Herzog also explained that her office is in the process of having certain bonds refunded, expected to save the county hundreds of thousands of dollars over the coming years.