Erie County's comptroller is cautiously optimistic about the county's financial strength in 2008.

Comptroller Mark Poloncarz, in issuing a first quarter financial report on Thursday, said while such factors like sales tax receipts are up, lawmakers should be aware of the weakened national economy and its impact on the county's $1 billion budget.

Poloncarz's report is just a snapshot and not a formal budget monitoring report, which typically comes from the Erie County Executive's Division of Budget and Management.

In his report, Poloncarz said the county has received $217.7 million in property taxes out of a projected $273.7 million. By comparison, last year, in 2007's first quarter, the county collected $201.7 million of the projected $254.4 million in property taxes.

The county also received $93.1 million in sales tax receipts this year, compared with $89.7 million in last year's first quarter. The county is projecting to receive $380.1 million in sales tax receipts this year, up from the $369.2 million it received last year.

"In terms of property taxes and sales taxes, we're on pace," Poloncarz said.

Where the county is lagging is on interest earnings.

The 2008 budget projected the county receiving $5.4 million this year in interest earnings. In the first quarter, it only received $1.6 million, while last year's first quarter saw the county receiving $2.9 million in interest earnings.

"Lower interest rates and market conditions are affecting all local governments across the country," Poloncarz said.

Copyright 2008 - Business First of Buffalo