FOR RELEASE:                                                                    CONTACT: Justin Meyers
January 17, 2006                                                                            (516) 869-7794

Tax Receiver’s Innovation Generates Additional Revenue Using Administrative Office Efficiencies, Higher Interest Rates and Enhanced Relationships With Town’s Banking Institutions

Manhasset, NY – North Hempstead Receiver of Taxes Rocco Iannarelli announced today that his office had generated more than $2-million in revenue for the Town in 2006 through the implementation of collection efficiencies, receipt of higher interest rates and enhanced partnerships with the Town’s banking institutions.

“We generated this revenue for the Town by streamlining our operations, investing tax proceeds more intelligently and establishing better relationships with the banking institutions with whom we do business,” Said Iannarelli. This revenue is a direct result of interest received on general tax revenues and the efficient collection of penalties and fees.”

Revenues for the Tax Receiver’s Office in 2003 were $650,000; $1,028,000 in 2004 and $1,288,000 in 2005. This year’s projected revenue of more than $2-million represents an increase of more than 52 per cent over revenues generated in 2005.

Tax Receiver Iannarelli estimated that revenue estimates for his office for 2007 would top the $2.2-million mark.

Iannarelli also announced that additional interest earned disbursed to the Town’s 13 school districts was at an all-time high of $1,673,080.

“I want to thank my staff for its dedication and my colleagues in government for the confidence they have exhibited and the assistance they have rendered as we continue to accept the challenge in government today of generating much-needed revenue from sources other than tax increases,” Tax Receiver Iannarelli concluded.