City General Fund tax collections were $224.6 million in January, according to the City’s preliminary revenue report. This is a decline of $8.2 million (3.5 percent) from January 2013. Collections through the first seven months of FY14 totaled $1,187.6 million, an increase of $33.1 million (2.9 percent) over the same period in FY13. The growth through January represents increases in all major General Fund taxes except the real estate tax.
In the Quarterly City Managers Report for the period ended December 31, 2013, and in the proposed Five-Year Financial Plan for fiscal years 2015-2019, the City revised its FY14 revenue estimates. The overall revenue estimate (including City General Fund and PICA taxes) increased $12.4 million from the adopted budget level. General Fund tax revenue is currently projected at $2,779.7 million, a $17.2 million (0.6 percent) increase from the adopted FY14 budget, and a 1.7 percent increase from the FY13 actual revenue. The full revenue report for January is available here.