Saratoga Springs breaks record sales tax revenues
SARATOGA SPRINGS, N.Y. (NEWS10) — New York State Comptroller Thomas P. DiNapoli reported Tuesday that Saratoga Springs had the strongest year-over-year (2020 versus 2021) increase in sales tax revenues in the entire state, at 32.5%. The total sales tax collected in the city for 2021 was just over $14,988,072, exceeding projections by over 51%.
The newly-announced amount surpasses sales tax collected in 2019, pre-pandemic, by 11.5%. Sales tax revenues for 2021 were the highest ever collected in the Spa City.
Commissioner of Finance, Minita Sanghvi, noted “This is excellent news for balancing 2021 revenue streams that were lower than anticipated, or expenses that were higher than expected. Furthermore, it bodes well for the city’s 2022 bond rating, which affects the interest rate at which the city is able to finance capital projects. It’s clear that Saratoga Springs is open for business.”