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Cohoes Facing Fiscal Crisis Due To COVID-19 Related Revenue Losses
Cohoes Second Quarter Sales Tax Revenue Declines 25%
- Drop of Nearly $400,000 -
Cohoes, NY (July 20, 2020) – Second quarter sales tax revenue to the City of Cohoes is down twenty-five percent (25%) from a year ago, a drop of nearly $400,000 in just one quarter of this fiscal year. Sales tax revenue represents 27.5 percent of the city’s budget
“Since March, the economic impact of the COVID-19 pandemic has been affecting our families, our small businesses, and our city finances in historic and difficult ways. This dramatic drop in second quarter sales tax revenue is not a surprise, but it is a stark reminder of the dire fiscal crisis we are facing,” Mayor Keeler said.
“This is just one quarter’s shortfall. We have to assume and plan for additional loss of sales tax revenue in the final two quarters of the fiscal year, along with declines in state and federal funding,” said City Comptroller Michael Durocher. “First quarter sales tax revenue was down. Third quarter sales tax revenue reportedly is already down 17% statewide. There is nothing to suggest this trend will turn around anytime soon,” Durocher added.
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