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Sales Tax Collections in City up 8.34% in July. County, 7.6%--$12M Tax $ Surplus Posted on Thursday, August 12 @ 10:40:23 EDT by jfbailey

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WPCNR QUILL & EYESHADE. From New York State Department of Taxation & Finance. August 12,2010:

 

The July Sales Tax Report was handed down to WPCNR today by  Susan Burns of the New York State Department of Taxation and Finance showing White Plains July sales tax collected $286,053 more in sales tax receipts over last July’s figures. (July is the first month of the new city fiscal year

 

 City Sales tax receipts of $3,717,403 beat the county July sales tax pace, benefiting from a ¼% city sales increase that went into effect June 1, raising July sales receipts 8.34%  (though short of the proportionate increase in the sales tax, 12%) while County Sales Tax receipts continued robustly, up 7.63%.

 

The city sales receipt for July ($3,717,403), is below the July, 2008 high water mark of July collections of the last five years of $3,938,114, reflecting the pace of sales prior to the beginning of the 2008 economic downturn.

 

On the county side of the sales tax ledger,  county sales tax continues headed for a surplus with its continued strong showing in July with its 7-1/2% rate of growth sustaining itself another month. Should the county continue on this 7-1/2% sales tax increase trend, the county will generate an $11 Million sales tax surplus, realizing approximately a $444 Million sales tax handle for fiscal year 2010, generating a $12 Million surplus in sales tax receipts over the expected and forecast $432.6 Million.

 

 


 
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