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.
Saturday, 20 September 2014 00:00
Serving Oyster Bay and the rest of Long Island since 1990, Periwinkles is an Oyster Bay business on Audrey Avenue that assists with event planning, staging and staffing and catering a multitude of different events. Periwinkles was started by Pat Spafford, who was encouraged to take her passion and make it a career.
“I was raising a family and doing this part-time,” said Spafford. “One of my clients encouraged me to make it full-time. Most of my clientele was from Oyster Bay so I settled here. I have a huge affection for the people and the place. It’s great that I have been successful here for so long.”
Friday, 19 September 2014 00:00
On Sunday, Sept. 21, the only place to be for lovers of local music is the Homestead in Oyster Bay, where a full day of live music is planned at GlenFest featuring 25 different performances. The lineup includes big names like Richie Cannata to Sea Cliff mainstays Kris Rice and Chicken Head to up-and-comers like Matt Grabowski and Lisa Vetrone.
GlenFest is the brainchild of Dave Losee, 53, of Glen Cove, who plays in the Crosstown Blues Band.
“I had this idea for a festival years ago, and when I finally nailed down a date, people are coming out of the woodwork to be a part of it,” says Losee.
Thursday, 18 September 2014 00:00
Former football coach and NFL player Bill Curry recently brought a wealth of experience, knowledge and history to a wide audience of student-athletes and coaches at Hofstra University for a lesson on diversity, tolerance and respect in high school athletics.
Director of the NYS PHSAA Sportsmanship Committee and Manhasset High School Athletic Director Jim Amen Jr. established the summit and invited Curry as keynote speaker.
Amen Jr. and Section VIII Executive Director Nina Van Erk introduced Curry to a crowd representing more than 37 local high schools.
Thursday, 11 September 2014 09:27
Hard work paid off for local athletes Christine Grippo of Locust Valley, Kelly Pickard of Oyster Bay, Bernadette Winnubst of Locust Valley, Steven Quigley of Bayville, Catherine Soler of Oyster Bay, Maria Elinger of Oyster Bay, and Armand D’Amato of Oyster Bay Cove, each of whom won awards in a field of some of the best triathletes from all of Long Island and beyond in the 27th annual Runner’s Edge - Town of Oyster Bay Triathlon, held in and around Oyster Bay’s Theodore Roosevelt Memorial Park on Saturday morning, Aug. 23.
Grippo earned top honors in the women’s 30-34 age group with a time of 1 hour, 17 minutes, 36 seconds. Pickard (1:17:39) scored first among the women in the 35-39 age group. Winnubst scored in 1:38:48 to earn third place honors in the Masters Athena Weight Division. Quigley earned the second place award in the Masters Clydesdale Weight Division in 1:23:23. Soler (1:29:12) scored 5th among the women in the 20-24 age group. Ehlinger (1:39:23) was the 4th place award winner in the women’s 55-59 age group. D’Amato (1:42:44) earned top honors in the 70-74 age group.