Long Island's sales tax revs beat estimates

HAUPPAUGE - Both Nassau and Suffolk counties collected more sales tax revenues last year than predicted, but the trend isn't expected to last for long.

In Suffolk, the budget estimate for sales tax collections in 2001 was $789.5 million. But that projection - the basis for the county's fiscal

Suffolk County Budget Director Ken Weiss said the surplus, though a pleasant surprise, was the result of a conservative estimate on the part of the county He noted that sales tax numbers were strong through July, but dropped off dramatically following Sept. 11.

Also, actual collections benefitted from a quarter-percent sales tax increase in June 2001, which bumped the county sales tax to 8.5 percent. Without it, Weiss said, the county would have missed its sales tax prediction for 2001. Suffolk's waiver of sales taxes on clothing and footwear purchased for less than $110 remained untouched.

Nassau's budget office had projected sales tax revenues of $829 million for 2001. But the actual number is closer to $833 million, or about $4 million higher, according to Art Gianelli, director of the county's budget office. Like Suffolk, Nassau uses its estimate of sales tax revenues for one year to build the county budget for the following year.

Kobi Alexander, chairman and CEO of Comverse Technology.

This year, Ernst & Young added a "socially responsible entrepreneur of the year" category for one entrepreneur who has helped the community overcome social or environmental problems.

The accounting firm created the awards program to recognize individuals "who are making a difference and paving the way for a new age of entrepreneurship," said David Bonagura, managing partner of Ernst & Young's Melville office. National sponsors include USA Today, CNN, the Nasdaq Stock Market and the Kauffman Center for Entrepreneurial Leadership.

Ernst & Young produces various divisions of the award, including a local, national and "world" division, created in 2001, for companies outside the United States. Recipients of the Entrepreneur of the Year award become lifetime members of the Entrepreneur of the Year Hall of Fame.

Submission of nominations is free and self-nominations are encouraged, but they must be received by the April 5 deadline.

For nomination forms or other information, call Mary Ann Tornello at (631) 752-6129, or visit the Entrepreneur of the Year Web site at www.ey.com/us/eoy.