Collections for Most Major Taxes Decreased in December

The City collected approximately $213.6 million in General Fund tax revenue in December of FY2021, compared to $251.1 million in December FY2020, a decrease of approximately $37.5 million, or 14.9 percent. After November collections saw a year-over-year increase compared to FY2020 for the first time this year, December collections again decreased, driven by a $13.2 million (10.5%) decrease in the City portion of the wage, earnings, and net profits taxes. The only tax to increase in December was the realty transfer tax ($2.3 million; 7.5 percent), as shown in Table 1, while the business income and receipts (“BIRT” -$8.8 million; -28.7 percent) real estate (-$6.8 million; -21.2 percent) City sales (-$1.9 million; -12.9 percent) and beverage ($-2.1 million; -30.5 percent) taxes all decreased considerably, as did the minor taxes: parking, amusement and other miscellaneous taxes.

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