Strong December Pushes Most FY2019 Tax Collections Ahead of Last Year
Year-to-Date Revenues Still Below City’s Projections
The City collected approximately $212.3 million in General Fund tax revenue in December of FY2019, compared to $203.1 million in December of last year, according to preliminary figures. Strong wage, earnings, and net profits and business income and receipts (“BIRT”) tax collections for that month resulted in an overall increase in December collections of almost five percent. Through the first half of the fiscal year, there was only one month (November) where total collections decreased over FY2018, ensuring year-to-date collections also increased over the previous year. Whereas a considerable decrease in real estate tax collections kept year-to-date collections below what the City projected in its most recent quarterly report, many major tax collections peak in the spring months, so the City is well situated to meet their projections while enjoying another year of steadily increasing tax revenue.
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