City Sees Double-Digit Increase in October Collections
Year-to-Date Collections Ahead of Last Year by Seven Percent
November 18, 2019 – The City collected approximately $253.9 million in General Fund tax revenue in October of FY2020, compared to $227.9 million in October FY2019, an increase of approximately $26.1 million, or 11.4 percent, according to preliminary figures. Every tax category saw increases in collections compared to last October except the amusement tax, which decreased by over $700,000, or 38.2 percent. The realty transfer tax increased by $9.5 million (32.7 percent), other miscellaneous by $59,577 (20 percent) and the business income and receipts tax (“BIRT”) increased by $3.1 million (18.3 percent)—all double-digit increases. The beverage tax increased for the second consecutive month, by $1.3 million, or 19.4 percent. The City portion of the combined wage, earnings, and net profits taxes increased by $11.6 million (8.0 percent), as did the real estate, city sales, and parking taxes, by $363,303 (5.5 percent), $519,756 (3.9 percent), and $350,201 (4.3 percent), respectively.
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