WPCNR Quill & Eyeshade. By John F. Bailey. August 5, 2005: Paul Wood, White Plains Executive Officer announced to WPCNR Wednesday evening that the city had made its budget numbers for the fiscal year 2004-2005 showing a surplus of approximately $2 million.

Paul Wood, White Plains Executive Officer. Photo, WPCNR News

Wood did not give the exact amount of the surplus the city had collected, but said it was the first surplus in many years. Wood said the county mortgage tax collected on real estate sales had come in at over $4 Million, creating the surplus.

The 2004-2005 budget figures had recognized $2,257,023 in county mortgage tax receipts  as of December 31, and according to Wood has approximately doubled  “to over $4  million” over the last six months of fiscal 2004-05, (ending June 30).Wood did not say how the surplus would be applied to the 2005-2006 budget. The 2005-2006 budget (as passed) counts on only $2,200,000 from the mortgage tax.

Wood said the final sales tax figure had come in slightly below $41.5 million but a higher-than-expected mortgage tax “handle” had enabled the city to meet its budget with a surplus.  The sales tax budgeted for 2004-2005 was $37,800,000, and as of December 31, 2004, had reached $20,878,181. With Wood’s disclosure Wednesday it would appear, if the budget ends up at “slightly below $41.5 million,” that sales tax for the last six months of 2004-2005, was exactly even with the first half. This is good, from the city standpoint, considering you have no holiday shopping season from January to June.

By WPCNR rough estimate sales tax collections for 2004-2005, ending at approximately $41.5 Million means that sales tax rose about 10% year to year from 2003-2004 to 2004-2005. With the expected opening of Wal Mart in January, this should bode well for the city.

Asked when the actual quarterly city performance numbers would be released, Wood said they would be forthcoming.