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Slot revenue, sales tax boost Cattaraugus County’s general fund balance by $10 million

LITTLE VALLEY – The combination of revenue from casino slot machines and higher-than-expected sales tax collections have given Cattaraugus County a general fund balance of $40.411 million, compared with a 2013 balance of $30.37 million, County Treasurer Joseph Keller told legislators Wednesday.

Other factors also contributed to the $10 million increase, Keller said. The major factors, however, were the payment of $4,879,217 in casino funds and sales tax income that exceeded earlier budget estiates by about $1.3 million, he said.

The influx of funds helped the county to pay off some debt, as well as fund some projects that would otherwise have had to come from other sources. A payoff of outstanding bond anticipation notes was made for $1,634,500. Another $464,428 was used as provision for wage settlements with county employees.

For 2013, Cattaraugus County took in $34,870,744 in sales tax, about $500,000 more than in 2012, Keller said.

The county kept 62 percent of the sales tax proceeds, sent 26 percent to towns and villages, 11 percent to the City of Olean and 1 percent to Salamanca. The cities of Olean and Salamanca receive only the sales taxes that are collected within their boundaries, while the rest of the county receives a share of the whole.