After Strong July, August City Tax Collections Lag Behind Last Year
Year-to-Date Collections in FY2018 Still Ahead of FY2017
The City collected $203.6 million in General Fund tax revenue in the second month of FY2018, as compared to $206.1 million in August 2016, a decrease of 1.2 percent, according to preliminary figures. As shown in Table 2, a 13.4 percent decrease in total wage, earnings, and net profits taxes drove the decrease in overall City collections, with August collections totaling $149.1 million, as compared to $172.1 million during the same month last fiscal year. However, the City experienced year-over-year increases in all other major taxes except the real estate tax, which decreased by 10.1 percent, compared to August of 2016.
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