County Sales Tax Receipts UP 5.82% First 6 Months. White Plains Sales $$ Handle Continues FLAT

Hits: 15

WPCNR QUILL & EYESHADE.  Figures From Geoffrey Gloak, the New York State Department of Taxation and Finance. Commentary by John F. Bailey July 15, 2013 CORRECTION.:

Westchester County Retail is back in the money.

Through the first six months of the new county fiscal year 2013, the county sales taxes are up 5.82%, based on a robust $51 Million raked in in June. The June County Sales Tax Collections alone were $51,067,630 compared to $43.7 Million last year, an increase of 17% .

At this pace  the county is on pace to generate $488 Million in sales tax $$ a $10 Million  surplus over the  $478.7 Million forecast. If the county only equalizes the $229 Million it realized in sales tax receipts from July to December of 2012, it will generate $473 Million. At a 6% rate of increase, it could conceivably top $500 Million in sales taxes receipts.

The June break out is particularly noteworthy because it is $2 Million more than the county pulled in in December of 2011–the June 2013 county handle is equivalent to a peak holiday month.  It is also the largest one month  jump in two years.

Through the first six months of the 2013 fiscal year, the County has pulled in $243,486,675. compared to $230,100,707  the first six months of 2012, an increase of  5.8%. (CORRECTION:Due to an omission in computing the first six months of 2012,  WPCNR has not counted a full month in 2012.

The City of White Plains June sales tax was virtually even with June of 2012, receiving $4,339,872 in sales taxes, compared to $4,218,196 in June, 2012, That is an increase of about 3% (.028) just ahead of inflation

More significantly, the June White Plains increase was 2.7% in sales tax receipts while the County was generating a 17% increase, a significant difference.

The city finishes the fiscal year 2012-13 with a sales tax handle of $49,913, 990, approximately $2 Million less than last year’s $51 Million. It also shorts them a little in paying for next year’s pay raises that they bank on paying for with funds from the tax stabilization fund that is funded out of current year sales tax receipts.

 

Comments are closed.