Written by George Maragos Thursday, 20 March 2014 10:46
Sales tax revenue is the County’s biggest source of income, accounting for over 40 percent of total annual revenues. Sales tax is also a good barometer of the County’s economic activity and economic health. Therefore, it is gratifying that the final sales tax figures for 2013 show an increase of 6.3 percent to $1.13 billion over the prior year. This was on top of another healthy increase of 4.2 percent in 2012.
These sales tax growth figures would seem to imply that Nassau County has recovered well from the recession and Superstorm Sandy, and in fact it has, with unemployment now under five percent, well below the national and state averages.
Yet, some worrisome signs appeared towards the end of 2013. The sales tax revenue during the holiday shopping season declined an astounding 12.4 percent when compared to the same period in 2012. This local tapering off at year end is especially concerning because nationwide retail sales were up 0.2 percent and the national economy grew by 2.4 percent.
The question that arose was whether our local economy was slowing more than the national average or were there other factors at play? One factor accounting for the significant drop in sales tax receipts towards year-end may have been a shift in consumer shopping habits from brick-and-mortar stores to online, which reduced the amount of sales tax revenue. The latest U.S. Census Bureau statistics project online sales to have increased 12.5 percent for 2013 through the third quarter, tripling since 2004. Another factor for the drop-off in holiday sales tax receipts may also be due in part to flat income growth for consumers; income grew only .25 percent in November and not at all in December.
At first glance, the combination of flat income growth and the shift from brick-and-mortar stores to online appeared especially troubling to Nassau County as well as other municipalities which rely heavily on sales tax revenues and local consumer spending to generate jobs. However, a recent federal court decision requiring online vendors such as Amazon to collect and submit sales tax now appears to have provided a huge boost to sales tax revenues, up about 9.7 percent in the January-February period. These were sales that were not taxed previous to 2014. This trend is now anticipated to provide higher sales tax revenues in 2014 than the two-percent growth projected in the County’s 2014 budget.
The bad news is that the accelerating shift to online sales will mean potentially lower sales going forward for brick-and-mortar stores and fewer local jobs at retail stores. Additionally, the absence of income growth will further dampen sales and jobs, not only in retail, but all the sectors of our economy. Our local economy may have to adjust to the new realities, and policymakers should continue to strive to create good-paying jobs in other sectors, especially in the growing technology, bio-sciences and health care industries.
Thursday, 30 October 2014 00:00
In a little-known chapter of New York City’s history, the name of police officer Phillip Cardillo is spoken in hushed, revered whispers. Though he was tragically killed in the line of duty back in 1972, the burning embers of his memory are still fanned by a passionate few who wish to finally obtain for the fallen hero the elusive recognition that he truly deserves.
At their Oct. 8 meeting in Mineola, the Nassau County-based Association of Retired Police Officers (ARPO) held a heartfelt ceremony, as both Cardillo as well as the driven NYPD detective who has fought for justice in his name for the past four decades, were honored as the true heroes that they are.
Friday, 31 October 2014 00:00
In what was their last free meeting at the Community United Methodist Church of East Norwich, the East Norwich Civic Association presented a money saving/energy saving program. It was presented by Marriele Robinson of the Homeowner Support PowerUp Communities group, an outreach of the L.I. Progressive Party. She came to offer free energy evaluations of homes to make them more energy efficient, which will save money.
She said Poor Richard’s Almanac promises it to be very cold this winter, and this is a way to plug up your energy leaks, with both current savings on needed work and through rebates resulting in future savings. After an energy assessment of your home, PowerUp will present you with a report based on their contractor’s assessment, which will outline all the ways you can improve your energy efficiency. The report will include all the potential rebates to reduce the cost of the upgrade which includes the option of financing through PS&G, which will include the monthly payments in your monthly bill.
Thursday, 30 October 2014 10:01
A number of awards were given to runners in the Oyster Bay-East Norwich area at the Oct. 18 Oyster Bay Town Supervisor’s 5 Kilometer Run, including 23-year-old Justin Nakrin of Oyster Bay, who finished in 12th place overall and second in the 20-24 age group, and 43-year-old Daniel Valderrama of Oyster Bay, who scored in 17th place overall and second in the 40-44 age group. Maggie Reid of Locust Valley earned first place honors in the 15-19 age group.
The indomitable 81-year-old Nina Jennings of Mill Neck was the oldest woman to finish the run, taking first place honors in the women’s 80-84 age group in 35 minutes, 11 seconds, a pace of 11:19 per mile. She was the fastest of all of the five finishers—male or female—who were 80 years old or more.
Thursday, 23 October 2014 09:08
The autumn varsity sports season is well on its way in Oyster Bay. Many young athletes have distinguished themselves. Several fine young athletes excelled right out of the gate and were chosen by the Oyster Bay Hight School coaches as Athletes of the Month for October 2014.
Cross Country Coach Kevin Cotter has athletes who consistently qualify for the states. Picking one to honor is a difficult task. Within this impressive group of talented athletes, one stands out: junior Alex Tosi, who recently broke the 17 minute barrier for a 5K course at Bethpage State park with a time of 16:52. This feat has not been accomplished since 2008.