Manhattan sales tax receipts were up for the January reporting period when compared to a year ago. Neary $900,991 was collected in the time period which actually reflects November and early December sales. That’s compared to about $887,865 collected this same time last year.
Manhattan Finance Director Bernie Hayen says equally as important, sales tax revenues within the Downtown Redevelopment District were also up, with a dollar amount of $67,482 compared to $53,408 a year ago. The sales taxes are labeled as tax increment finance or “TIF” sales taxes and are reserved to pay outstanding bonds that were issued as part of the project.
Hayen stresses “TIF” sales taxes are not part of the city’s budgeted sales tax revenues, which impacts forecasted sales taxes and budgeted sales taxes. So while the amount of sales tax receipts are greater than last year, the numbers are $4,631 less than forecast and $3,247 less than the budget.