MALONE — Franklin County is ahead of its 2010 projections for sales-tax revenue, with hopes of continuing the trend as summer-tourism season approaches.
County Treasurer Bryon Varin this week gave legislators a financial summary for 2009 and an update on current figures, saying an improved bond rating, wise reserve spending and federal stimulus money strengthened the county’s economic health.
Sales-tax figures are $91,000 ahead of February 2009, even though January’s numbers were below projections.
Varin said it seems counterproductive for Albany lawmakers to hold back personal-income-tax checks since those receiving them typically spend the refunds, invigorate the economy and generate tax dollars.
He added that the closer in value the American dollar and Canadian dollar become, the more likely Canadian shoppers will cross the border to shop here, also adding to the potential sales-tax numbers.
As for the rest of the local financial outlook, it is promising, Varin said.
“We’re stable, and we do have the reserves to weather us through difficult times.
“But in 2012, we might experience pains if we don’t experience some progress and (if we) have job losses.”
The treasurer said the county received $3.1 million in federal stimulus money for its general fund, highway fund and for job-creation programs.
About $5.8 million in reserve funds was earmarked in the 2009 budget to cover anticipated expenditures.
The infusion of stimulus funds means the county had to use only about $2.7 million from its reserves to balance the budget.
The county’s 2010 budget includes the potential use of $3.9 million in reserves to cover expenses for this year.
But, Varin said, even when using that money, there is still $9.8 million in reserves, which is above his recommended 10 percent the county should retain “for strong financial stability and the ability to pay our obligations.”
E-mail Denise A. Raymo at:
draymo@pressrepublican.com
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