WPCNR QUILL & EYESHADE. From the New York State Department of Tax and Finance. April 17, 2014:
White Plains had its strongest economy gain in March after months of running 2% behind last year’s sales tax collection pace.
March 2014 was 6% ahead of March 2013 ($4,161,532 this March compared to $3,930,289 in March 2013. The March handle put White Plains on target to set an all time record in sales tax receipts if the city just keeps pace with 2013 receipts through the next three months.
The county meanwhile had a soft March, only 1% ahead in sales tax collections over 1st quarter 2013.
White Plains after 9 months of its 2013-14 fiscal year has collected $38.7 Million in tax receipts. If the April May and June totals of $12.2 Million it got in 2013, the city will hit $50.9 Million, easily generating the tax stabilization fund dollars needed to cover its 2014-15 labor cost increases.
Funding the ever growing White Plains payroll is what the stabilization fund is used for.
That is why the tax stabilization fund has not grown beyond $5.1 Million since it was first funded out of the sales tax receipts in 2009-10. Had the city not used the tax stabilization fund to pay salary increases, White Plains residents would be facing city property taxes 15% higher than they are now. At the time the Tax Stabilization Fund was created, the city faced a 17% increase in taxes to meet payroll due to losses from assessments and pension increases.
Should the 6% sales surge in March, maybe from efficient snow removal or ice and cold purchases, or NCAA Tournament related bar sales in White Plains, continues the city could hit $51.7 Million an all-time record.