Maloney presses on NYC tax share and comptroller's $55M estimate
Maloney asks for a more granular sense of what share goes to New York City taxes. Kreamer says that number has not been provided yet, and Honda says the city is still evaluating costs and projected revenue with a lag in data collection.
Do we have a more granular sense of what percent of that is going to New York City taxes after a harrowing budget negotiation last year?
We have to have to be detailed on these types of things.
So just asking.
Yes, specifically to.
tourism economics estimate of tax revenue.
That number has not been provided yet, but we will be getting it.
But I do want to emphasize that it is an estimated number.
It is not an actual number based off of city receipts.
And do you have any comment on the comptroller's analysis?
Which placed this at $55 million and would mean that there was a loss of about $30 million in spend to revenue generated.
So I'll note that this event stretched across multiple agencies, multiple levels of government, and multiple fiscal years.
So we're still evaluating both the total cost of the event as well as the projected revenue.
Estimating revenues is complex, and there is a lag in data collection.
And so we do not have enough info to estimate the World Cup's impact in sales tax collection in that level of detail at this moment.
However, we are assessing the costs and can definitely continue to be in conversation about that as we complete the analysis.
And do we have a sense of when that would be at the end of the fiscal year?
I will get back to you on timeline on that.