Strong Wage, Earnings, & Net Profits Collections Carry City to Three Percent Tax Growth Through May
Year-over-year tax collections through May show a 4.8 percent increase in the City portion of wage, earnings, & net profits taxes compared to the same period last year, resulting in a three percent growth in total General Fund taxes with one month remaining in FY2017. The City collected $172.3 million in wage, earnings, and net profits taxes for the month, 2.9 percent more than the $167.4 million it collected in May of FY2016. Totals through May also show increases in real estate (1.6 percent), real estate transfer (2.1 percent) and City sales (11.6 percent) tax collections. Minor taxes such as the parking and amusement taxes also showed positive growth through May, at 3.1 percent and 7.5 percent, respectively.
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