City of Philadelphia Tax Revenue Update
Preliminary revenue collections for FY16 are projected to be $233 million higher than FY16. Through June, FY16 General Fund tax collections increased 8.4 percent compared to the same period in FY15.
According to the City’s preliminary revenue report, FY16 General Fund tax collections through June totaled $3.001 billion, an increase of 8.4 percent ($233 million) from the same period in FY15.
Year-to-date growth for the City’s share of the local sales tax is somewhat below the currently-projected growth rate for the fiscal year. Through June, revenue increased 4.6 percent compared to the prior year, below the currently projected FY16 growth of 14.3 percent. This gap likely reflects accounting policies and the allocation of revenue between the City and School District of Philadelphia (SDP). Actual City sales tax revenue for FY16 will change in the next several months, due to accruals.
Read the full report here.