City General Fund tax collections were $180.9 million in October, according to the City’s preliminary monthly revenue report. This is an increase of $32.6 million (22.0 percent) from October 2012. Wage and earnings tax collections were relatively strong in October, increasing $25.7 million (20.8 percent) from October of last year. Sales taxes increased $1.4 million (7.1 percent), while real estate transfer taxes declined $0.4 million (3.3 percent) from October 2012.
General Fund tax collections through the first four months of FY14 totaled $662.8 million, an increase of $63.9 million (10.7 percent) over the same period in FY13. The growth through October represents increases in most major General Fund taxes, including: wage and earnings ($31.5 million), business income and receipts ($21.7 million), real estate transfer ($8.8 million), real estate ($3.4 million), and sales ($2.8 million). The current estimate for FY14 General Fund tax revenue is $2,760.8 million, an increase of 1.0 percent from the FY13 unaudited actual revenue. The complete Monthly Tax Revenue Update for October is available here.