Preliminary Year-End Tax Collections Exceed Projections for All Major Taxes

Wage, Earnings, & Net Profits Taxes Drive Growth in the first month of FY2018

The City collected $237.9 million in General Fund tax revenue in the first month of FY2018, as compared to $180.1 million in July 2016, an increase of 32.1 percent, according to preliminary figures. As shown in Table 2, a 25.4 percent increase in wage, earnings, and net profits taxes drove this growth, with July collections totaling $180.0 million, as compared to $143.5 million during the same month, last fiscal year. The City also experienced strong growth in the real estate transfer tax, collecting $38.3 million, representing a 49.6 percent increase over last July’s collections, partly due to a change in regulations.

For the full report, click here.