January Tax Collections Increase by 6.3% Over Last Year
City Sees Increases in Every Month of FY2020
The City collected approximately $324.7 million in General Fund tax revenue in January of FY2020, compared to $305.4 million in January FY2019, an increase of approximately $19.3 million, or 6.3 percent, according to preliminary figures. About half of the City’s major tax types saw increases in January, as shown in Table 1, with the overall increase driven by increases in the City portion of the wage, earnings, and net profits ($24.4 million, or 11.1 percent), real estate ($12.7 million, or 24.4 percent), parking ($633,741, or 8.0 percent), other miscellaneous ($355,158, or 40.5 percent) and beverage ($184,214, or 3.0 percent) taxes, compared to January of last year. However, decreases in the business income and receipts (“BIRT;” $9.3 million or 34.2 percent), realty transfer ($3.2 million, or 12.7 percent), City sales ($583,114, or 4.5 percent) and amusement ($387,008, or 15.3 percent) taxes tempered these gains.
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