May Tax Collections $12 Million More Than Last Year

Year-to-Date Increase Falls Below Double-Digits for First Time

The City collected $254.7 million in General Fund tax revenue in May of FY2018, compared to $243.0 million last year, an increase of $11.7 million, according to preliminary figures. City tax collections have increased in every month this fiscal year except August and March, as compared to the same months in FY2017. As shown in Table 2, increases in every tax category except the business income and receipts (“BIRT”) and beverage taxes drove the increase in collections for the month of May. Increases in the City portion of the wage, earnings, and net profits; real estate; and realty transfer taxes ultimately led to a 4.8 percent increase in collections over May of last year, while the increase in year-to-date collections dipped below double-digits for the first time this fiscal year.

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