PUBLISHED 2:21 PM ET Dec. 16, 2020 PUBLISHED 2:21 PM EST Dec. 16, 2020
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Here are two bad data points for local governments in New York as the pandemic continues to surge and the economy continues to suffer: Sales tax revenue continued its slide and help from Washington won t be coming in a $900 billion COVID-19 stimulus measure about to be agreed upon in Congress.
Local governments are facing their worst financial headwinds since the 2008 recession as revenue continues to dry up amid the pandemic, making budgeting for next year a significant challenge given the uncertainty surrounding support from the federal government.
Sales tax declined statewide by 7.1% in November compared to the same period in 2019, Comptroller Tom DiNapoli s office announced. That s a steeper decline from the October drop of 5.2%, but not nearly as sharp as the drop off in the spring during the first surge of the pandemic in New York.
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