WPCNR City Hall Limits. By John F. Bailey. December 6, 2004: The city unveils its First Quarter Financials for its fiscal year of 2004-05 this evening, and there’s good news. The city sales tax pace for July, August and September of the first quarter is running 15.6% of the 2003 First Quarter Pace. The figures released by the City Clerk’s office provided by the City of White Plains Financial Department, show that the city if it mains the present sales tax pace of 15% will collect $43.7 Million in Sales Tax by the completion of the fiscal year June 30, 2005.

The city Financial Report for 2003-2004, examined by WPCNR at the City Clerk Office,  is also being officially released this evening showing the city collected $37,698,714 in sales tax for the 2003-04 fiscal year, hitting WPCNR’s projection made in the spring of 2004 that the city would have to collect $9 to $10 Million in sales tax in the last quarter to hit their budget projection. They just did make it.

The 2003-04 Financial Report also paints a picture portraying a robust White Plains economy last spring, when the city picked up $9,240,938 in sales tax in the final quarter to meet their budget, a  13-1/2% increase in sales tax pace over the last quarter (April May June) of 2002-2003, when the city took in $8,135,166 in sales taxes.

A fast examination of the Final financials of 04-04 by the CitizeNetReporter appears to indicate that the unreserved fund balance, though has committed $5,644,256 to “subsequent year” expenses this fiscal year, leaving the city only a $1,190,655 cash available for emergencies. It should be noted that the fund balance can be replenished as the so far “roaring 04-05” rolls on.

Other items in the Financial Report of note are a reported construction cost of $3,219,975 for the White Plains Performing Arts Center, and a $1,000,000 bond for the White Plains Performing Arts Center. There was no explanation as to whether these costs were offset by other revenues for specifically that purpose. There was also a construction cost of $2,757,271 for the Renaissance Plaza Fountain, which again did not have an explanation as to whether it was offset by grants and cash coming in for specifically that purpose.

WPCNR will provide a more detailed report when the Final financials become available to the general public this evening.