June FY2023 Tax Collections Increase by 16.1 Percent Compared to June FY2022, Preliminary FY2023 Total Ahead of FY2022
The City collected approximately $281.1 million in General Fund tax revenue in June of FY2023, compared to $242.2 million in June of FY2022, an increase of approximately $38.9 million, or 16.1% according to preliminary collections figures.
The increase in revenue receipts for June of FY2023 is largely due to an increase of $28.7 million, or 24.8%, for the City portion of the Wage, Earnings, and Net Profits taxes and an increase of $28.9 million, or 160.2%, for the Real Estate Tax compared to last year.
These increases were partially offset by a $29.1 million, or 49.2%, decrease in the Business Income and Receipts Tax (BIRT) and a $6.5 million, or 17.5%, decrease in the Realty Transfer Tax; however, a backlog in processing Realty Transfer remittances in FY2022 has skewed the month-to-month comparisons.
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