WPCNR QUILL & EYESHADE From the New York State Department of Taxation & Finance. February 13, 2013:
The White Plains economy is limping along with no sign of robust growth yet.
The January White Plains Sales Tax Receipts report from the NYS Department of Taxation & Finance position White Plains running 3% below last fiscal year pace in sales tax revenues collected in the first seven months of Fiscal 2012-13.
The city has collected $29.5 Million from July through January 2012-13. In fiscal 2011-12 the city collected $30.5 Million. That is approximately a 3% shortfall in expected revenue.
If the city maintains last year's pace of sales tax revenue growth the next five months ($20 Million), the city will top $49 Million, easily meeting the city budgeted $46.5 Million, but falling short of the $51 Million the city collected last year. Assuming 2% inflation the city should hit $50 Million in sales tax receipts by the end of fiscal 2012-13 in June.
This pace will supply just enough cash to replenish the cash reserve they have anticipated adding to the fund balance stabilization fund they are planning on using to pay any labor settlements with police and fire unions that are currently in the binding arbitration fact-finding process.
Westchester County collected 5% more sales tax receipts in January, the start of the county fiscal year, collecting $41 Million compared to $39 Million in January 2012.
The city collected $4.9 Million in sales tax receipts in January 2012 compared to $4.7 Million last January (a 4 % increase),