Common Council To Hear Treasurer's Report
City Hall Could Face
$1.6M Loss In Sales Tax
By LIBBY CUDMORE • Special to www.AllOTSEGO.com
ONEONTA – The bad news: Oneonta could face as much as a $1.9 million shortfall in sales tax, according to 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.
