KINGSTON – Sales tax revenue collected in Ulster County in 2022 saw record- breaking growth, County Comptroller March Gallagher said Monday.
The county’s sales tax collected last year totaled $165.4 million, $22.4 million above budget and a seven percent increase over actual 2021 collections.
Gallagher said enhanced sales tax revenue can indicate strong economic growth.
“It’s a $10 million increase over 2021 but we need to be careful as we look to the future because our latest sales tax payment – and you can’t judge a book by its cover by one single payment – but our latest payment was down 16.5 percent for the same period for the year prior,” she said. “So, as policymakers, legislators, and the executive think to the future they need to consider that we could see a reduced economy in the future and prepare accordingly.”
Auto sales continued to be the largest single source of sales tax revenue in Ulster but declined by one percent when compared to a similar prior year period.
General merchandise stores and building materials saw negative growth along with auto sales.
Taxable sales at gas stations declined by 11 percent overall from the same period in the prior year driven by decreases in the price of gas, not by the gas tax holiday effective during the same period.
Electric power generation saw the largest increase at 33 percent in taxable sales.
Travel accommodation saw a 17 percent increase and restaurants saw an eight percent increase in sales tax revenue.
