WPCNR QUILL & EYESHADE. By John F. Bailey. December 28, 2020:
The White Plains City Sale Tax ‘Handle” had its fifth consecutive declining month in economic activity in November. To date White Plains has declined in sales tax receipts 14.4% through November and declined for nine consecutive months.
The city is down $3,035,717 at $18,091,133 in sales taxes through November 2020 compared to $21,126,850 in November 2019. (14.4%)
The city nervously awaits the December figures which will be out in January from the State Department of Taxation and Finance.
The city had a $5,830,213 Million December “handle” last year which at the present rate of decline in economic activity (4.5% down in November) would project to $262,000 less, that is if the December activity approached the $5 Million level. The city has not had a $4 Million Dollar month ( it’s average in 2019 ) since February 2020 ($4,131,738).
If the city 14% rate of decline in sales revenues in 2021 continues the sales tax receipts may sink below the projected $46 Million. Last year the city just made their projection of sales taxes hitting $50 Million.
At the soft pace of the city economy caused primarily by the coronavirus retail effect, If White plains continues at the 14% shortfall the city will make $7 millon–about $43 Million.