SARATOGA SPRINGS — City Finance Commissioner Minita Sanghvi presented the 2022 Preliminary Financial Report for Saratoga Springs for the Fiscal Year ended Dec. 31, 2022. The updated document was filed with the State Comptroller’s Office on April 28, 2023 and presented to the City Council on May 4.
Some of the comparable data of general fund revenues between 2022 and 2021: Sales Tax collections were $16.955 million, an increase of 13% over 2021; Hotel Room Occupancy Tax collections $743,000, an increase of 27%; Admission Tax: $451,000, up 13% over 2021.
In general fund expenses, Health Insurance costs were $7.824 million in 2022, an increase of 8% from 2021.
The unaudited numbers show an excess fund balance, but Sanghvi cautioned, “we need to be conservative in spending and look for additional revenue sources. The success of 2022 was largely due to Federal Funds, a one-time revenue source…we should be looking at building reserves, covering liabilities, investing in infrastructure and establishing stable revenue streams.”
Sanghvi said some potential future revenue streams include registration for short term rentals, and dispensaries and cannabis cafes – municipalities receive a 3% tax on cannabis sales, under New York State law.
The Finance Office is preparing the 2022 Financial Statements. Upon completion of the audit, the commissioner will publicly release the audited figures.