July Tax Revenue Increased by $9.5 Million, or 3.7%, over Previous Year

The City collected approximately $264.6 million in General Fund tax revenue in July of FY2024, compared to $255.1 million in July of FY2023, an increase of approximately $9.5 million, or 3.7%, according to preliminary collections figures. This increase occurred despite the transfer of the parking and valet taxes, which totaled $8.3 million in July FY2023, out of the General Fund. The increase in revenue receipts for July is largely due to an increase of $40.8 million, or 32.5%, in the City portion of the wage, earnings, and net profits taxes and an increase of $11.3 million, or 93.2%, for the Business Income and Receipts Tax (BIRT) compared to last year. These increases were partially offset by a $21.9 million, or 42.4%, decrease in the Realty Transfer Tax and a $7.7 million loss in other miscellaneous taxes.

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