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, 16 August 2014 00:00
Right now, Oyster Bay is in bloom. From the well-tended gardens of Planting Fields to unmowed patches near the Shu Swamp preserve, flowers are not just beautify our community, they also are calling out to us to bring them inside our homes to add color and fragrance. You don’t hear them? Trust me, the flowers in your garden are even calling you by name.
But don’t just stuff a bouquet in a vase. Make them look as good and last as long as possible. To find out how to do that, as well as how to improve your backyard flora, I asked Scott Lucas, the greenhouse supervisor of Old Westbury Gardens for some advice. He invited to join him in his cutting garden.
Friday, 15 August 2014 00:00
Oyster Bay celebrated National Night Out on Tuesday, Aug. 5 by incorporating the event with the weekly Cruise Night. Nassau County Legislator Judy Jacobs (D-Woodbury) attended the annual event, to honor and thank the local police department for their outstanding commitment to the community and its safety.
The Second Precinct was well represented at the Tuesday evening Cruise Night on Audrey Avenue in Oyster Bay. In addition to an antique police car, there were two policemen and two police explorers.
Thursday, 14 August 2014 00:00
Theodore Roosevelt Memorial Park in Oyster Bay will once again be the site of the Long Island’s premiere multisport event – the 27th annual Runner’s Edge - Town of Oyster Bay Triathlon on Saturday, Aug. 23, and the Runner’s Edge – Town of Oyster Bay Junior Triathlon for youngsters ages 8-13 on Sunday, Aug. 24.
The Saturday main event is a “sprint” triathlon, which consists of a half-mile swim in Oyster Bay harbor, a one loop 15 kilometer bike ride over hill and dale through beautiful Oyster Bay, Oyster Bay Cove and Laurel Hollow, and a 5 kilometer run through Mill Neck and Brookville, “up” to Planting Fields Arboretum and “down”to the finish at back at Roosevelt Park.
Thursday, 07 August 2014 11:19
Sailing fans from Oyster Bay are invited to the 32nd Knickerbocker Cup, or K-Cup, Race, hosted by Port Washington’s Manhasset Bay Yacht Club, which will include three of the top-10 world-ranked match racing skippers.
The racing competition will be preceded by an opening ceremony and welcome cocktail party, followed by an All-American BBQ Wednesday, Aug. 27 at 6:30 p.m.