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Sussex continues strong building-related revenue

Realty transfer taxes running 11 percent above last year
February 21, 2017

Building-related revenue continues to show strong increases to fuel Sussex County government coffers. Sussex County Finance Director Gina Jennings presented a first-quarter financial report to county council during its Nov. 15 meeting.

 

• Since 2010, revenue in the county's first quarter has nearly doubled from $5.5 million to $9.5 million so far in fiscal year 2017

 

• Realty transfer taxes – the county's main source of revenue – is 41 percent over budget and 11 percent over last year at $6.7 million

 

• County investment earnings are 54 percent over budget at $134,000

 

• Total revenue is running 18 percent over budget at $16.2 million with expenditures of $13.7 million resulting in a $2.5 million surplus in the first quarter

 

• Recorder of deeds revenue is $1.3 million or 54 percent over budget

 

• Through Oct. 16, building permits are down slightly from 636 in 2015 to 622 so far in 2016. But permits are ahead of 2013 and 2014

 

 

Source: Sussex County finance department

 

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