February Tax Collections Increase by Ten Percent Compared to Last Year

Strong Wage, Earnings, and Net Profits Taxes Drive Increase in Year-to-Date Collections

The City collected approximately $562.4 million in General Fund tax revenue in February 2019, compared to $511.6 million in February 2018, an increase of 9.9 percent, according to preliminary figures. While the City portion of the wage, earnings, and net profits taxes and the real estate tax increased in February, the realty transfer and City sales taxes decreased. Still, the strong February collections for the wage, earnings, and net profits taxes ensured an increase in total collections from the decrease experienced in January. In terms of year-to-date collections, FY2019 totals are 2.6 percent higher than what was collected at the same point last year. As the major tax collections that occur in the spring are remitted, a more clear picture will emerge as to annual revenue growth, compared to FY2018.        

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