Tax Collections Increase in First Month of Fiscal Year
City Projects $3.636 Billion in Taxes for Fiscal Year 2020
The City collected approximately $253.3 million in General Fund tax revenue in July 2019 (the first month of the fiscal year), compared to $239.0 million in June 2018, an increase of approximately $14.3 million, or 6.0 percent, according to preliminary figures. Several tax categories saw increases in collections compared to last year, such as the City portion of the wage, earnings, and net profits taxes; the business income and receipts tax (“BIRT”); the City sales tax; and other miscellaneous taxes. However, several tax categories experienced decreases in collections to begin the fiscal year, such as the real estate, realty transfer, parking, beverage, and amusement taxes. Yet the total collections for tax categories that increased far outpaced the categories that decreased, ensuring year-over-year collections increased in July.
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