February Tax Collections Increase by 6.8% Over Last Year

Increases in Every Month of FY2020 Continue

The City collected approximately $599.8 million in General Fund tax revenue in February of FY2020, compared to $561.8 million in February FY2019, an increase of approximately $37.9 million, or 6.8 percent, according to preliminary figures. About half of the City’s major tax types saw increases in February, as shown in Table 1, with the overall increase driven by increases in the City portion of the wage, earnings, and net profits ($10.4 million, or 8.8 percent), real estate ($23.8 million, or 6.1 percent), realty transfer ($6.6 million, or 47.3 percent), parking ($318,463, or 4.1 percent) and amusement ($815,903, or 70.0 percent) taxes, compared to February of last year. However, decreases in the business income and receipts (“BIRT;” $1.1 million or 13.8 percent), City sales ($2.4 million, or 15.3 percent), other miscellaneous ($175,387, or 33.1 percent) and beverage ($441,429, or 7.6 percent) taxes tempered these gains.

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