City Experiences First Monthly Tax Collection Decrease in FY2019
Most Taxes Show Decreases Over November of FY2018
The City collected approximately $175.1 million in General Fund tax revenue in November of FY2019, compared to $185.3 million in November of last year, according to preliminary figures. After consecutive months of strong collections in FY2019, most taxes decreased in the fifth month of the fiscal year—notably, the City portion of the combined wage, earnings, and net profits taxes, which had seen recurring monthly increases. While the wage tax is coming in slightly lower than projected, the dip in month-over-month November collections may potentially be attributed to the timing of collections. Despite the lower collections totals, year-to-date collections remain higher as of November, as compared to the same point last fiscal year. However, it is still too early to determine whether full-year collections will keep pace with last year, or match or exceed the City’s full-year projection.
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