City’s Strong FY2020 Tax Collections Continue in November
Year-to-Date Collections Ahead of Last Year by $77 Million
The City collected approximately $192.7 million in General Fund tax revenue in November of FY2020, compared to $175.5 million in November FY2019, an increase of approximately $17.2 million, or 9.8 percent, according to preliminary figures. While only only about half of the City’s tax types saw increases, strong increases in the City portion of the wage, earnings, and net profits ($8.8 million, or 7.8 percent), business income and receipts (“BIRT;” $4.8 million, or 371.9 percent), and realty transfer ($5.1 million, or 22.6 percent) taxes pushed collections to an almost double-digit increase, compared to November of last year. Conversely, the beverage tax fell by $1.9 million, the amusement tax by $415,566, and other miscellaneous taxes by $102,114—all double digit decreases, representing relatively small amounts.
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