Revenue Streams Solidify Oneida County’s Financial Foundation
Gaming Revenue Remains Strong; Sales Tax Collection Up
The financial foundation of Oneida County continues to strengthen thanks to a steady and increasing stream of revenue from the Oneida Nation’s gaming earnings and sales tax collection.
County Executive Anthony J. Picente Jr. announced today that despite reports of the new crop of New York State casinos falling short of their projected earnings, the Oneida Nation’s gaming properties exceeded their expectations in 2017, and contributed more than $15 million in gaming revenue to Oneida County.
“While other competing casinos have fallen short of their goals, and so-called experts are decrying an oversaturation of the market, the Oneida Nation’s gaming properties — including the world-class Turning Stone Resort Casino — have continued to enjoy unprecedented success,” Picente said. “The revenue we collect from our agreement has been at or above baseline each quarter, and is right in step with what I budgeted. The strength of our partnership will continue to reap financial benefits for many years to come.”
The gaming revenue collected from the Oneida Nation last year was in line with the $15.5 million Picente had budgeted for, and was well above the $12.5 million baseline guaranteed in the 2013 settlement agreement. The revenue also increased nearly every quarter in 2017.
Further bolstering the health of the county’s finances was the announcement that nearly $2 million in excess sales tax revenue was collected in 2017.
Picente said that $97,989,139.95 in sales tax revenue was collected by Oneida County in 2017, which is $1,893,537.95 more than was conservatively budgeted for.
The amount of sales tax collected in 2017 grew 3.05 percent from 2016 when it was $95,086,906. This positive growth trend is expected to continue this year, as Picente has budgeted for $99,525,000, which represents an increase of 1.57 percent.
Of the county’s 8.75 percent sales tax rate, 4 percent goes to the state, and the remaining 4.75 percent is divided up among the county and its cities, towns and villages using a formula that depends on various factors including where the purchases are made.
These two revenue streams further solidify the county’s efforts to keep property taxes at the lowest possible level.
“These figures are strong indicators that Oneida County is on solid financial ground and our economic forecast is bright,” Picente said. “Through sound budgeting and efficient spending we have put ourselves in prime position to effectively run our government and provide maximum service to our residents.”