March Tax Collections $63 Million Less Than Last Year

First Decrease in Year-Over-Year Collections This Fiscal Year

The City collected $334.5 million in General Fund tax revenue in March of FY2018, as compared to $397.9 million last year, according to preliminary figures. The decrease of $63.4 million marks the first month in FY2018 that collections decreased compared to the same month in FY2017. As shown in Table 2, decreases in every tax category except City sales tax drove the decrease in overall City collections for the month of March. While some of the decreases were relatively small, double-digit decreases in the business income and receipts (“BIRT”) tax, real estate, and amusement taxes ultimately led to a 15.9 percent decrease in total March collections. However, strong collections in previous months kept year-to-date collections $236 million (10.9 percent) ahead of last year.

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