October Tax Collections Decrease Compared to Last Year
The City collected approximately $194.7 million in General Fund tax revenue in October of FY2022, compared to $206.5 million in October of FY2021, a decrease of approximately $11.8 million, or 5.7%. The decrease could be attributable to the switch over to a new tax revenue processing system during the last week of October, which delayed postings into November. While the combined City portion of the wage, earnings, and net profits taxes increased ($9.3 million; 8.4%) along with the City sales ($1.9 million; 14.0%) and beverage ($1.2 million; 17.4%) taxes, these increases were offset by decreases in the business income and receipts (BIRT / $13.2 million; -38.2%), real estate ($3.9 million; -49.8%), and realty transfer (11.7 million; -40.4%) taxes. Other minor tax categories increased such as the parking, amusement, and other miscellaneous taxes.
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