March Tax Collections Increase Slightly Over Last Year
Year-to-Date Collections Increase by 11.6 Percent
The City collected approximately $658.9 million in General Fund tax revenue in March of 2022, compared to $640.1 million in March of 2021, an increase of approximately $18.8 million, or 2.9%. Thus, month-over-month collections have increased in six of the first nine months of FY2022, and collections for every tax category increased in March except real estate and other miscellaneous taxes, which decreased by 18.5% and 33.0%, respectively. The City portion of the wage, earnings, and net profits taxes increased considerably, by $36.4 million, or 28.6% in March, while the realty transfer tax also saw a notable increase, of $52.0 million, or 248.6%. City sales, parking, and amusement taxes all also saw double-digit increases, while BIRT (business income and receipts tax) increased by $2.4 million, or 5.4% and the beverage tax increased by $286,078, or 5.8%.
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