On the Cusp of Recovery?

For the first time since September 2008 Putnam County coffers have experienced a dramatic increase in sales tax revenues.

On Monday members of the Putnam Legislature’s Audit Committee heard Commissioner of Finance William Carlin present his report for March, indicating shoppers spent $4,681,554 in sales tax last month, a $475,000 increase from March, 2009.

“It’s nice to see our finances beginning to turn around. Hopefully the worst is behind us,” said Legislator Tony Hay of Southeast, who chairs the committee, with Legislators Dino LoBue of Mahopac, and Mary Conklin of Patterson also serving on the panel.

Except for last December, when county sales rose by $40,000 from the previous year, sales tax continued its downward spiral for 12 straight months by failing to match the previous year.

Carlin attributed the decrease to the economy: “Sales tax revenues are down across the state with every county reporting a dramatic decline from the previous year. It’s been a rough year throughout New York State, and Putnam County in We are fiscally solvent and hopefully this revised trend will continue throughout 2010.”

Legislature Chairman Vincent Tamagna of Nelsonville also expressed optimism, telling the Courier: “I am not jumping for joy just yet, but I truly believe that consumer confidence is returning. Despite the one month’s good news, people are still feeling the pain. A little spending here and there is good. It indicates that the economy is coming around the bend.”

Tamagna also suggested that all residents of the county should “shop Putnam whenever you can.”

Legislator Conklin also urged residents to “shop Putnam. By shopping locally, not only do Putnam merchants prosper, but county coffers also benefit from the needed sales tax.”

Putnam’s total sales tax revenues for 2009 totaled $45,902,000 down from the $51,677,872 collected in 2008. The 2009 amount collected was even lower than the $45,988,000 garnered in 2007 by local businesses. This year the county has projected collecting $41.3 million in sales tax receipts. With the nearly half million dollars collected last month, county coffers are down by less than $50,000 for the first quarter of 2010.