Year-to-Date Collections Higher Than Last Year’s
The City collected approximately $344.5 million in General Fund tax revenue in May of FY2021, compared to $178.6 million in May FY2020, an increase of approximately $165.9 million, or 92.9%. The total monthly increase was driven by an $120.8 million increase in the business income and receipts (“BIRT”) taxes. The deadline for remitting this tax was extended to July last year due to the pandemic, but was due May 17 this year. Thus, much of the tax was remitted in May this year, while a significant portion of the tax was remitted in later months last year. However, every other tax category showed increases in May as well, as the local economy begins to slowly come back from the Pandemic-induced recession.
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