Increases in August Tax Collections Mark Strong Start to Fiscal Year

The City collected approximately $287.8 million in General Fund tax revenue in August of FY2023, compared to $226.3 million in August of FY2022, an increase of approximately $61.5 million, or 27.2% according to preliminary collections figures. Every tax category saw increases compared to last year except other miscellaneous and beverage taxes, as shown in Table 1. All such increases were by double-digit percentages except City sales, which increased by $482,821, or 1.4%. August collections for the City portion of the wage, earnings, and net profits taxes increased by $27.6 million; BIRT (business income and receipts tax) by $1.9 million, or 24.5 percent; real estate by $3.1 million, or 41.3%; realty transfer by $27.9 million, or 110.7%; and amusement by $1.6 million, or 29.7%. These increases represent a continued positive start to FY2023; however, the above figures are preliminary, and early-month collections may not be indicative of full-year totals.

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