July Tax Collections Increase by Nearly 50% Compared to Last Year

The City collected approximately $254.9 million in General Fund tax revenue in July of FY2023, compared to $171.1 million in July of FY2022, an increase of approximately $83.8 million, or 49.0% according to preliminary collections figures. Collections increased for every tax category except beverage—all by double digits and some exponentially, as shown in Table 1. July collections for the City portion of the wage, earnings, and net profits taxes increased by $31.9 million, or 34.1%; BIRT (business income and receipts tax) by $2.4 million, or 24.9 percent; real estate by $4.4 million, or 61.1%; realty transfer by $37.4 million, or 263.7%; and City sales by 4.4 million, or 14.0%. Such increases mark a positive start to the new fiscal year; however, the above figures are preliminary, and early-month collections are not always indicative of full-year totals.

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