Manhattan Sales Taxes Continue Downward Trend

Manhattan sales tax receipts continue to be down some from the same time last year, but  City Financial Director Bernie Hayen indicates the six month point is nothing to be disappointed about.

Hayen describes the June numbers released on Monday as lagging just a little compared to the record setting pace of 2012, but points to the $5.1 million collected as still higher than numbers from 2009 through 2011.  $5.35 million  were collected in sales taxes by this time last year.

Hayen adds most big box stores were right in line with retail sales this June compared to the same period a year ago, and mentions a %5 increase in Manhattan mall store sales, grocery sales, and auto-dealership sales compared to last year.

$834,877 in sales taxes were collected in the  June report, which actually reflects the revenue from two months prior, or April. That figure is down $6,723 from last year. The adjusted rate was down $5,685.  If the flattening trend continues Hayen says the city will have to adjust around $75,000 at the end of the year.  Hayen says this could be easily absorbed by the city, and is in no way an alarming proposition.

Bernie Hayen

Bernie Hayen