CONCORD — Erie County Clerk Chris Jacobs announced that local governments will soon receive their share of the Erie County Mortgage Tax collections, based off of real estate transactions recorded in the clerk’s office. The total to be distributed on May 15 is $6,916,558.09, which covers the six-month period of Oct. 1, 2013-March 31, 2014.
In a letter sent to Concord Town Supervisor Gary Eppolito, Jacobs informed him that the town of Concord will be receiving approximately $49,762.50 in its mortgage tax distribution.
“Mortgage tax distributions are a major source of revenue for many of the county’s cities, towns and villages,” said Jacobs. “I believe it is essential to provide the municipalities this financial information immediately, to better assist them in their budgetary and cash flow planning.”
Jacobs noted that, since taking office, he has made it a priority to review internal processes and procedures to identify efficiencies and improve work flow. As a result, working with the comptroller’s office, Jacobs will be able to deliver these monies to localities a full month earlier than in the past.
Eppolito said that the town of Concord usually receives about $40,000 in April or May and another $40,000 in November or December, annually. This is considered additional revenue to benefit the whole town.
“It changes from year-to-year, so we never know how much the checks will be,” Eppolito explained.
“Last year, in May and November, we received checks of $49,000 and $39,000, which was a bit more than anticipatedhe added. “The money is applied directly to the $1,242,105.17 of the general fund. We tend to be conservative in our budgeting, since we never know how much the checks will be. Sometimes it is much closer to the $80,000.”
That disbursement usually works out to approximately 6 percent of the total budget for the town of Concord.
“Municipalities continue to tighten their belts, in order to stay within their own budgets, and we are keenly aware that even one month can make a difference in cash flow planning for municipal governments,” added Jacobs.
Mortgage tax is collected by the Erie County Clerk’s Office, in accordance with specific state laws. Twice a year, the county distributes mortgage tax receipts to the three cities, 25 towns and 16 villages located in Erie County. Distributions are determined by the amount of total mortgages entered for each municipality, during the applicable period.