WHITE PLAINS, NY –Westchester County will receive $1.5 million as part of the $550 million agreement that ends a decade-long dispute between New York State and major tobacco manufacturing companies.
“The county’s share would have been much higher, but the county cashed out 86 percent of its interest in the tobacco proceeds during the years when Andrew Spano was County Executive,” said Ned McCormack, Westchester County Communications Director and Senior Advisor to current County Executive Robert P. Astorino. “Every dollar is welcome, but most of the county’s share was spent years ago.”
According to Governmental Accounting Standards, the $1.5 million must be applied to the county’s 2015 operating budget. McCormack said the money would be used to close the $29 million budget gap the county is forecasting for this year, roughly $25 million of which is the result of lower sales tax revenues caused by lower gas and energy prices and more retail sales being transacted on line.