Year-to-Date Collections Increase Seven Percent in FY2019
City Experiences Increases in Most Months This Fiscal Year
The City collected approximately $263.1 million in General Fund tax revenue in May 2019, compared to $254.5 million in May 2018, an increase of almost $8.6 million, or 3.4 percent, according to preliminary figures. Thus, the City experienced another month-over-month increase over last year; only November and January have fallen short of FY2018 in terms of monthly collections, with just the month of June remaining in FY2019. The series of strong months has driven an almost seven percent increase in year-to-date collections. Notably, the business income and receipts (“BIRT”) tax is having a strong year, with collections totalling $536.3 million, a 22.2 percent increase over last year. The only tax category to decrease in year-to-date collections was the realty transfer tax, decreasing by $6.7 million, or 2.2 percent, after an exceptionally strong FY2018.
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