January Collections Fall by Seven Percent Compared to Last Year
Year-to-Date Revenues Level
With Last Year
The City collected approximately $305.0 million in General Fund tax revenue in January of FY2019, compared to $328.4 million in January of last year, a decrease of 7.1 percent, according to preliminary figures. While wage, earnings, and net profits collections remained level, decreases in the business income and receipts (“BIRT”), real estate, and realty transfer tax collections resulted in the overall decrease in January collections. January was the second month of FY2019 to see a decrease in total collections over the previous year; as a result, year-to-date collections for FY2019 are slightly higher (0.1 percent) than what was collected at the same point last year. However, many major tax collections occur in the spring, so it is too early to project revenue growth, as compared to FY2018.
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