February Tax Collections Decrease by 13.5% Compared to FY2022

The City collected approximately $257.7 million in General Fund tax revenue in February of FY2023, compared to $297.7 million in February of FY2022, a decrease of approximately $40.3 million, or 13.5% according to preliminary collections figures. The decrease in revenue receipts for February of FY2023 is largely due to a decrease of $44.7 million, or 69.9 percent, in Realty Transfer Tax revenues. A backlog in processing these remittances in FY2022 has skewed month-to-month comparisons. Real Estate Tax, which decreased by $3.4 million, or 4.8%, is also a contributor in the FY2023 February decrease. These decreases were slightly offset by a $2.3 million, or 17.7%, increase in Business Income and Receipts tax and a $3.7 million, or 66.0%, increase in the Parking tax.

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