On Tuesday, the Seneca County Board of Supervisors advanced a local law that could potentially distribute surplus sales tax revenue, beyond the budgeted forecasts, to the county’s towns and villages.
As per the legislation, if actual sales tax revenue exceeds the budgeted estimate for a given year, the county would first retain the initial $750,000 of the surplus. Any amount beyond this would then be allocated to the county’s 10 towns and four villages, with the stipulation that such distribution cannot exceed 10% of the actual sales tax revenue from the previous budget year.
The allocation would be calculated based on the assessed value of a town or village relative to the total county’s assessed value.
The board has scheduled a public hearing for the proposed law at 6 p.m. on November 14 at the Three Bears county courthouse in Ovid. If the proposal gains approval, the sharing of the sales tax would commence in 2025.
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