CORRECTION/CLARIFICATION

                                                                       

In our Feb 10, 2014 posting, the first line “Since 2004 monies received from the State has declined by 7.6%.” is mis-leading.  It should have said “Since 2004 monies received from all sources* not including Real Estate Taxes [other revenues] has declined by 7.6%”.

In fact, contrary to popular belief, State aid, as shown on the accompanying chart, has increased over this period by 66.5%.  The other revenue accounts accounts either remained constant or declined creating the net decline in the overall account.  For instance in 2004 State aid was 24.5% [2,987,830/12,183,896] of other revenues while in 2014 State aid accounted for 44.2% [4,975,946/11,259,560] of other revenues.

 

 State re-imbursements 2004 – 2014  [Assessor data]

 

2004          $2,987,830

2005          $3,039,237

2006          $3,275,040

2007          $3,716,044

2008          $4,891,521

2009          $5,576,211

2010          $5,047,847

2011          $4,778,019

2012          $4,744,600

2013          $4,894,811

2014          $4,975,946  

 

* Exclusive of Real Estate taxes, other revenue funds include excise tax, meals tax, penalties and interest on taxes, PILOTS, fees, rentals, school revenues, cemetery revenues, other department revenues, licenses and permits, fines, investment income, and Medicaid reimbursements.  Also included in that amount are the enterprise funds collected for emergency medical services, Reedy Meadow and King Rail Golf Courses.  Finally that figure is also inflated by Free Cash and Other Available Funds.     

 

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