June Tax Collections Improve
FY2021 Totals Decrease by 2.3% Compared to Last Year
The City collected approximately $233.7 million in General Fund tax revenue in June of FY2021, compared to $149.5 million in June FY2020, an increase of approximately $84.3 million, or 56.4%. The total monthly increase was driven by increases in every tax category, particularly the City portion of the wage, earnings, and net profits ($24.3 million, 23.7%); business income and receipts (“BIRT;” $21.2 million, 475.1%); realty transfer ($13.4 million, 102.3%); and City sales ($11.9 million, 64.0%) taxes. The strong preliminary collections in the final month of the fiscal year are a positive sign as the local economy begins to slowly come back from the Pandemic-induced recession.
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