WPCNR QUILL & EYESHADE. By John F. Bailey with the New York State Department of Taxation & Finance. July 12, 2010 UPDATED JULY 12, 2010 3:45 P.M. E.D.T.UPDATED JULY 14, 2010:
Westchester County-wide sales receipts (which include White Plains figures, of course) were up 25% year to year in the June period, reports Susan Burns of the New York State Department of Taxation and Finance, and has experienced a 6.7% increase in sales tax receipts the first six months of its fiscal year.
White Plains did not keep pace with the county. City June tax receipts are up 5%, nearly 4% of that comes from the 1/4% tax rate increase that went into effect in June. The sales tax was raised proportionately 12%, resulting in only 5% more revenue.
The county sales tax dollar handle, though rose approximately $10 Million in June alone, generating $48,046,635.36 in June ’10 compared to $38,386,277 in June 09.
Based on comparison of year to year records supplied by the Department of Taxation and Finance,the county has generated $219,830,772 in Sales Tax Receipts compared to $206 Million (rounded off to nearest million) in the first six months of 2009, a year to year gain in 2010 over 2009 of 6.7% over the first six months of the current fiscal year.
If Westchester County (on a January to December fiscal year) maintains last year’s sales tax pace the last six months of their fiscal year (in which it received $209 Million from July to December, the county will get $429 Million in sales tax receipts.
The county has budgeted for $432,600,000 in sales tax.
A sustained 7% growth rate in sales tax receipts could generate an $11 Million surplus in County Sales Tax Receipts over budget, if June is a bellwether that the county economy is turning around.
If the county continues to keep this 6.7% gain the rest of the year, the county would realize $444 Million in sales tax receipts easily making the county budget with a surplus of $12 Million.
According to Susan Burns of the Department of Taxation and finance, “Westchester showed many sectors with growth, including but not limited to: Auto dealers, Telephone and Utilities, Finance and Insurance, and Retail.”
The city of White Plains, by contrast, with a 1/4% sales tax increase going into effect June 1, generated $4,073,768 and 47 cents in sales tax in June, finishing the 2009-10 Fiscal Year ending June 30 with $43,533,908 in sales tax receipts, approximately $200,000 over Commissioner of Finance Michael Genito’s projection.
Nevertheless, this is $3,8 Million in the red below what the Delfino administration had projected for 09-10.
The $4.1 Million city June handle is up only 5% (4.89%) in sales tax receipts over last June’s take of $3.9 Million.
The rebound in Westchester sales tax receipts in June, and the White Plains slight rebound is good news going into the Budget and Management Committee meeting at City Hall July 19.
This trend, if I were in charge of the city would concern me because if White Plains, the leading retail and entertainment center in the county (and easiest place to travel to), is up only 5% in sales tax receipts in a month while the county is up 25%, then people are going elsewhere in the county to shop, instead of White Plains.