City of Philadelphia Tax Revenue Update
General Fund tax collections for the first month of FY17 decreased 4.7 percent compared to the same month in FY16.
General Fund tax collections in July totaled $181.9 million, a decrease of 4.7 percent from the same period in FY16. The current estimate for FY17 General Fund tax revenue is $3.089 billion, 4.7 percent above the FY16 estimate.
Year-over-year growth for the first month of FY17 showed most major General Fund taxes below projections. However, July collections are not representative of the full fiscal year, and growth rates are likely to change. Additionally, the timing of accruals impacts several of the major taxes. Click here to read the full report.