December Tax Collections Increase Over Last Year
The City collected approximately $335.9 million in General Fund tax revenue in December of 2021, compared to $213.8 million in December of 2020, an increase of approximately $122.1 million for FY2022, or 57.4%. Some of that increase is attributable to lower-than-usual collections last December when the City was in the midst of a surge in Covid-19 cases. The combined City portion of the wage, earnings, and net profits taxes has also improved, increasing by $26.3 million, or 23.3%. Every other tax category also saw increases. The real estate and realty transfer taxes increased by $11.0 million (43.9%) and $35.0 million (108.3%), respectively. The City sales tax increased by $3.3 million, or 26.0%; business income and receipts (BIRT) increased by $44.7 million, or 205.6%; and the parking, amusement, and beverage taxes increased by $2.3 million, $1.4 million, and $1.9 million.
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