COVID-19 Pandemic Continues to Impact City Tax Revenues
The City collected approximately $252.3 million in General Fund tax revenue in February of FY2021, compared to $602.1 million in February FY2020, a decrease of approximately $349.8 million, or 58.1%—representing the largest month-over-month decrease this fiscal year. The considerable decrease was driven by a $360.8 million (-85.4%) decrease in the real estate tax, the likely result of the elimination of the 1% early payment discount—the deadline to remit real estate taxes is March 31. However, the City portion of the wage, earnings, and net profits taxes increased by $10.0 million or 8.1%, the business income and receipts tax (“BIRT”) increased by $7.4 million or 110.2%, and City sales tax increased by $2.0 million or 15.5%. Yet these increases were offset by decreases in every other tax category besides other miscellaneous taxes, with notable decreases in the amusement (-$1.9 million; -99.6%), parking (-$4.0 million; -50.8%), and realty transfer (-$2.3 million; -11.4%) taxes.
For the full report, click here.
For past reports, click here.