WPCNR QUILL & EYESHADE. June 19, 2006: The City Commissioner of Finance, Gina Cuneo-Harwood, reported to WPCNR last week that sales tax receipts for April and May, set the city up to make its “revised” sales tax projection of $41.9 Million when business ends for the fiscal year June 30. The city had originally projected $42.5 Million in sales taxes for the year last fall. Whatever softness in the sales tax revenues will be offset by an $869,598 windfall in mortgage taxes from sales of condominiums and homes in “The Renaissance City,” through the first three quarters, and that should go up in Quarter Four.

Cuneo-Harward said she was confident that the month of June would find sales tax receipts meeting projections. In July, Wal-Mart will begin injecting its retail magic in the White Plains marketplace, setting up a possible surge in sales tax revenues of $800,000 a year, according to city hall financial prognosticators.

For the record, through three quarters of fiscal year 2005-2006, the city received  $32,511,570 in sales tax. In April, the city collected $3,123,461 and in May, $3,019,564. In order to meet the $41.9 “revised” sales tax projection, the city need only collect $3,245,405 in June.

To hit the optimistic $42.5 Million predicted last fall, the city will need $3,845,405. The only times of the year White Plains has ever “done” over $4 Million in sales tax receipts in a month were December,03-04; December 04-05, and December of 05-06,  and once in January, and the January achievement came in this fiscal year with $4,214,709 turned over.