White Plains January Sales Tax Receipts Soft–Down 1.2% –ON TARGET for $47 MILLION– $1.8 MILLION OFF LAST YEAR PACE

WPCNR QUILL & EYESHADE Special to WPCNR From the New York State Department of Taxation & Finance with Reporting by John F. Bailey March 3, 2015:

January Sales Tax collections  to the City of White Plains declined 1.2% from the January of 2014..leaving the city with $25.5 Million collected through the first seven months of the 1014-15 fiscal year.

If consumer buying picks up in White Plains matching  the 2014 February through June figures through June 2015,  the city will collect $46.9 Million in total sales taxes, leaving the city with a $1.8 Million shortfall in revenues from sales tax. $48,700,903 was collected in fiscal 2013-14 by the city. That projects as a 4% decline in sales tax receipts, pending of course a robust 4 months ahead.

A  $2 Million decline in sales tax receipts would need a 6% tax increase to close the budget gap, since approximately $5 Million in sales tax receipts is needed to fund city payrolls as they now stand (pending any negotiated increases.

Westchester County January sales tax figures also declined but only by 1/2 % as the county started their fiscal year.

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