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September 26, 2013

Village share of sales tax revenues up in June

Figures do not reflect paid parking issues

On-street paid parking may have hurt Main Street businesses in Cooperstown this summer –there is no reason to doubt any business owners who say their revenues were down – but Cooperstown’s share of sales tax revenues was up 2 percent from 2012 for the month of June, the first full month of the new parking fees, according to village treasurer Ed Keator.

“We’re slightly up from last year, which is a good thing,” Keator told the village trustees at Monday’s monthly meeting. “The important thing to note is it will be up from the budgeted amount.”

The village received $26,739.10 in sales tax revenues from sales in June 2012. The amount this year is $27,299.82, an increase of $560.72.

While the added revenues were greeted as good news, Cooperstown mayor Jeff Katz acknowledged that there is not a direct correlation between sales tax figures and the bottom line of village businesses.

By state law, of the sales tax revenues returned to local governments, Otsego County gets 76 percent, Oneonta gets 12 percent and the other municipalities share the remaining 12 percent. Katz said the breakdown ends up with Cooperstown getting about 1 percent of the total revenue. That amount is not based on sales tax from Cooperstown, but on county wide sales.

“There are two ways you can look at it,” Katz said. “One is that (paid parking) wasn’t devastating. Two is that it was and conceivably Cooperstown sales were lower but the county sales tax was up dramatically to make up for lower sales tax in Cooperstown.

“It is conceivable, but not likely,” he added.

Katz said he had been waiting for the June numbers and is hoping a similar increase will take place in July. While the village budgeted sales tax figures for the 2013-2014 fiscal year based on 2012-2013 numbers, it estimated $10,000 less for July 2013 than in 2012 because of the lack of a headline Baseball Hall of Fame Induction class.

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