July Tax Collections Increase Slightly Over Last Year
Increase in First Month of Fiscal Year Follows Strong FY2018
The City collected approximately $239 million in General Fund tax revenue in the first month of FY2019, compared to $237.8 million in July of last year, according to preliminary figures. After a strong year of collections in FY2018, the City began this fiscal year with an increase of 0.5 percent in total July collections, compared to the same month last year. As shown in Table 2, increases in the City portion of the combined wage, earnings, and net profits taxes, the parking tax, and the amusement tax drove the growth in collections early in the fiscal year. Beverage tax collections also increased slightly. These increases offset decreases in the business income and receipts (“BIRT”), real estate, real estate transfer, City sales, and other miscellaneous taxes.
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