Strong third quarter for wage tax, while sales and real estate transfer tax collections increase modestly compared to last year
City General Fund tax collections totaled $313.6 million in March, according to the City’s preliminary revenue report, an increase of $43.6 million (16.2 percent) from March 2013. Overall FY14 General Fund tax revenue is currently projected at $2,779.7 million, a $17.2 million (0.6 percent) increase from the adopted budget, and a $46.3 million (1.7 percent) increase from FY13 actual revenue. With the exception of the real estate tax, the FY14 collection patterns through March are generally in line with current projections; year-to-date growth rates for all major taxes except real estate are at or above currently projected growth for the full fiscal year. The full PICA report on the City’s March revenue collections is available here.