City of Oneonta Sales Tax Shortfall Could Near $2,000,000
According to AllOtsego.co, the reduction in sales tax figures for the City of Oneonta could range from anywhere between, $478K and $1.9 million dollars. These figures were calculated by city Finance Director Virginia Lee.
“I’ve outlined a mild, medium and severe – one, two and three – scenarios for loss of sales tax,” she said. “Mild would be $478,000. Medium would be $861,000, and severe scenarios could range from $1.1 to $1.9 million.”
Sales tax makes up 30 percent of the city’s revenues. But with the colleges shut down, Cooperstown Dreams Park closed and the Baseball Hall of Fame Induction moved to 2021, the city is beginning to look at how these losses might affect their budget planning this fall, as reported by AllOtsego.com.
Lee will present these scenarios to Common Council when it meets Tuesday. “We’re uncertain what we face,” she said. “Everything is so unknown, but we want to give everyone an idea.”
Also unknown was whether or not cuts would be made to state aid, or whether the federal government would grant additional funding to municipalities.
It isn't all bad news, however. For more on this story including a "little good news" visit our publishing partner at AllOtsego.com.