Most Major Taxes Decrease by 20 Percent in June

Tax Collections Decrease by More Than 7 Percent in FY2020

The City collected approximately $182.9 million in General Fund tax revenue in June of FY2020, compared to $189.0 million in June FY2019, a decrease of approximately $6.1 million, or -3.2 percent, according to preliminary figures. Most major taxes saw decreases in June, as shown in Table 1. BIRT showed a large increase in June since the deadline for remittance was extended, and the June 2019 BIRT figure is negative due to refunds. Of the taxes that decreased, all did so by double-digits except the City portion of the wage, earnings, and net profits (-7.1 percent) tax. The largest percent decreases were seen in the amusement tax (-99.7 percent) and the parking tax (-84.8 percent). In terms of collections, the largest June decreases were in the realty transfer (-$17.9 million) and City sales (-$10.0 million) taxes, with the taxes also decreasing by -35.2 percent and -57.8 percent, respectively. Beverage tax collections decreased by $1.3 million as well, or -20.5 percent.

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