With the fourth and final quarter of the fiscal year under way, the city of Ogdensburg is ahead of last years three quarters of sales tax collection total by about three percent.
City Comptroller Philip A. Cosmo said Friday that by the end of September, the city had taken in $1,780,363.47 as its agreed upon 6.4 percent of St. Lawrence Countys total sales tax revenue. The 2012 total for the same period was $1,729,692.30.
That leaves the city $924,637 shy of its $2,705,000 projection for this year and there are two compelling reasons for confidence that number will be surpassed, Mr. Cosmo said.
One, if the 3 percent trend carries on until the end of the year, the $2,705,000 projection will be surpassed by $80,000.
Two, the year-end total - projected in January - is destined to be even greater because of the countys recent decision to increase its sales tax from 3 percent to 4 percent effective in December.
I havent done the
calculation, but it will be more than 3 percent, Mr. Cosmo said.
Yet another sign that the projection will be surpassed is that the 3 percent trend and the sales tax increase factors will play out during the heavy-spending Christmas shopping season.
Its a big factor in all that, no question, Mr. Cosmo said.
The city has surpassed its sales tax collection projection in recent years. In 2012, it collected $2,700,928.49, an $88,028.49 increase over the budgeted $2,612,900.
In 2011, the city collected $2,653,810.53. That amounted to a $153,810.53 increase over the $2,500,000 that was projected.