Steady Increase in Tax Collections Continues in Fiscal Year 2019

    September Wage, Earnings, & Net Profits Taxes Up 6 Percent Over Last Year

The City collected approximately $195 million in General Fund tax revenue in the third month of FY2019, compared to $190 million in September of last year, according to preliminary figures. After a strong year of collections in FY2018, increased collections continued for the third consecutive month in FY2019, driven by the City portion of the wage, earnings, and net profits taxes, which increased by 6.1 percent in September. Other major taxes decreased compared to last year, with just the City sales and parking taxes experiencing increases—thus making the strong wage, earnings, and net profits tax collections particularly important in offsetting decreases in the business income and receipts (“BIRT”), real estate, real estate transfer, amusement, and beverage taxes. However, strong collections in the first two months of the fiscal year ensured increases for most of these taxes in terms of year-to-date collections.

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