August Tax Revenue Decreased by $71 Million, or 25%, over Previous Year

The City collected approximately $216.3 million in General Fund tax revenue in August FY2024, compared to $287.8 million in August FY2023, a decrease of approximately $71.4 million, or 24.8%, according to preliminary collections figures. The decrease in revenue receipts for August is largely due to a decrease of $29.3 million, or 55.2%, in the realty transfer tax and a decrease of $28.9 million, or 18.1%, in the City portion of the wage, earnings, and net profits taxes compared to last year. The transfer of the parking and valet taxes, which totaled $7.8 million in August FY2023, out of the General Fund also contributed to the decrease in revenue. These decreases were partially offset by a $4.9 million, or 14.2%, increase in the City sales tax and a $1.1 million increase, or 21.8%, in the beverage tax.

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