Sales tax revenues set record highs for Village in past fiscal year?
While the COVID-19 pandemic shifted patterns related to how and where people spent their money ? fewer movie tickets, more sourdough starter ? sales in Oswego remained strong and are now growing at a rapid clip following the end of COVID-19 shutdowns.
This week, Oswego finance staff reported official sales tax receipts collected in the Village for Fiscal Year 2021, which ran from May 1, 2020, to April 30, 2021. This year?s collected sales tax totaled $12.57 million, more than the Village has ever collected in a single year and an increase of 6.75 percent over the previous fiscal year.
Approximately 55 percent of the Village?s annual revenues annually come from sales tax, which allows the Village to rely less on property taxes paid by residents.
?Even during the pandemic, we saw new businesses opening and our residents supporting their local favorites,? Village President Troy Parlier said. ?Our local economy is strong and only getting stronger.?
Whether from new businesses in town, pent-up demand, or both, sales in the first part of 2021 demonstrate a local Oswego economy that?s come roaring back. This March, the Village recorded sales tax revenues of $1.3 million, the highest sales tax receipts ever recorded in a single month in Oswego. Sales tax receipts in March-April 2021 were up 45 percent compared to the same period in 2020, the months of the most stringent pandemic-related shutdowns.
Additional information on the Village of Oswego?s finances can be found at www.oswegoil.org/financial-reporting.
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