After growing at higher-than-expected rates for two years, Orange County’s sales tax collections slowed down the momentum at the midpoint of the year.
Sales taxes are the largest revenue source for the county, covering nearly half the annual expenses.
By the end of June, the county collected $117 million in sales tax revenue, almost the same as budgeted, according to data provided by the finance department.
Whereas for the first quarter, sales tax revenue was 17 percent higher than budgeted; for 2021 and 2022, county sales tax income was $42 million and $57 million more than budgeted, respectively.
The county trend mirrors that of New York, which saw a statewide growth rate down from almost 20 percent for the first quarter of last year to 7 percent this year, according to the latest sales tax report by the New York State Comptroller’s Office….