The city of Manhattan had a significant decrease in sales tax collections this month compared to the October 2014 report. While virtually every category under the North American Industry Classification System was down Finance Director Bernie Hayen indicates there is a partial explanation.
The city did not receive any distribution from intercollegiate athletics this month as was the case for both last October, 2014, as well as October, 2013. Hayen anticipates receiving a distribution from intercollegiate athletics in November, similar to a “timing” distribution in 2012 in which the October payment was missed but regained in November.
Regardless, Hayen says most big box stores and national chains were down (or flat) compared to a year ago. Most surprising according to Hayen, was the decline in ‘Accommodations and Food Service’ reported for this October.
$892,303 was collected in October 2015 numbers, compared to $1,049,448 in 2014 and $1,010,865 in 2013. $905,589 was collected in October of 2012. The latest numbers are $133,633 less than budget expectations.
