"While it's satisfying to have sales taxes so closely match our estimates, it is disappointing that we fell short due to a contracting economy," Rattner says. "This highlights the need for a fairer state aid allocation for the city of New Rochelle." He notes that during the fourth quarter of 2000, sales tax slowed considerably, "perhaps indicative of the overall downturn in the economy. The general sales tax picture reveals that taxable sales volume at New Rochelle's major stores may have fallen."

Rattner notes that the sales tax projection for fiscal year 2001 totals $21.6 million. He says that figure reflects the continuing trends of a cooling economy, full lease up of New Roc City, and sales generated from new developments such as Linens & Things, Home Design Expo and phase one of the Avalon on the Sound rental housing project.