February Tax Collections $78 Million More Than Last Year
Double-Digit Growth in Year-to-Date Collections Continues in 2018
The City collected $511.6 million in General Fund tax revenue in January of FY2018, as compared to $433.4 million last year—an increase of over $78 million, or 18 percent—according to preliminary figures. As shown in Table 2, increases in most major tax categories drove the growth in overall City collections for the month of February, as compared to last year. While the business income and receipts (“BIRT”) tax decreased—likely the result of refunds—large increases in the real estate and realty transfer taxes, as well as strong wage, earnings, and net profits tax collections, ensured the continued double-digit increase in total year-to-date collections, with four months remaining in the fiscal year.
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