FY2022 Year-to-Date Tax Collections Near Equal to Last Year

The City collected approximately $229.5 million in General Fund tax revenue in November of FY2022, compared to $194.4 million in November of FY2021, an increase of approximately $35.1 million, or 18.0%. Some of that increase is attributable to the switch over to a new tax revenue processing system during the last week of October, causing some receipts to be included in November collections totals. The combined City portion of the wage, earnings, and net profits taxes increased by $9.8 million, or 7.3% along with the City sales tax, which increased by $2.0 million, or 13.5%. The business income and receipts (BIRT) also increased by $14.5 million, while the parking and amusement taxes increased by $2.1 million and $1.3 million, as shown in Table 1. The notable increase in FY2022 other miscellaneous tax collections is also attributable to the switch over to a new tax revenue processing system (see below table footnote³). In terms of decreases, the real estate ($930,559), realty transfer ($507,306), and beverage ($522,273) taxes decreased in November.

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