WPCNR QUILL & EYESHADE By John F. Bailey based on August Reports of the New York State Department of Taxation and Finance. August 21, 2018:
Westchester County rolled its 7th consecutive month of sales tax revenues increases over 2017 in July, maintaining its 6.5% growth in sales tax $$ this year.
White Plains recorded its second straight month of sales tax increases and beat the county growth rate for the first time in months. White Plains earned 7% more in sales taxes in July over July 2017, starting off the new fiscal year on an update note ($4,163,747 compared to $3,888,289.
Meanwhile the Westchester County retail recovery appears to be no fluke. At the current 6.5% growth rate the county has earned $19.2 MILLION more sales taxes in the first 7 months. If the pace continues, County Executive Latimer’s $32 Million deficit in the 2018 budget may vaporize with this sales tax windfall, without the need to raise taxes substantially to cover it.
Between August and December in 2017, Westchester County earned $232,137, 674 in sales tax receipts.
If the county maintains 6.5% growth rates the next 5 months, Westchester will earn $247 Million the next 5 months, this translates to another $15.1 Million in sales tax dollars taxes on top of the $19 Million growth already in the till.
With 5 months to go in the fiscal year, if the county continues to ring up the sales at a 6.5% pace that will mean a $34 Million dollar surplus that wipes out the $32 Million deficit, the county auditors were concerned about.
The next six months are the most lucrative months of the fiscal year encompassing the back-to-school sales, and the holiday season.