Tax Collections Total $3.4 Billion for FY2018
City Experiences Double-Digit Increase in Collections Over Last Year
The City collected $3.384 billion in General Fund tax revenue through June of FY2018, according to preliminary figures (final tax revenue figures may be adjusted for credits and fees). As the fiscal year comes to a close, it is clear that FY2018 was another strong year for City tax collections; the City experienced an 11.3 percent increase in overall collections over last year. Additionally, tax collections increased in every month except August and March, as compared to the same months in FY2017. The last month of the fiscal year was no exception, as the City collected $193.7 million in June. As shown in Table 2, increases in every tax category drove the considerable growth in collections for the year. Increases in the real estate and realty transfer taxes were especially notable, as were the strong business income and receipts (“BIRT”) and City sales tax collections.
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