For Immediate Release:
August 30, 2011
Contact: Brian Dries
Butkovitz Report Finds City Revenues Down From A Year Ago
Amusement revenues increased during same period – $83 million since 2007
PHILADELPHIA – City Controller Alan Butkovitz’s monthly economic report finds tax collections totaled $165 million for July, a six percent decrease from this time last year and a three percent decline from the previous month.
Monthly wage/earnings/net profits tax collections for July totaled $116.2 million, an almost four percent decrease from the same month last year. Sales tax collections totaled $19.4 million, an almost 10 percent decrease compared to July 2010 and a five percent decrease from last month’s sales tax collections.
While some city revenue sources have declined, Philadelphia’s amusement tax has generated $83.3 million over the last four years. The city collected $17.9 million in amusement tax revenues during FY08 and $21.7 million in FY11, a 21 percent increase. The majority of the total amount collected, $82.6 million, was collected from the five percent amusement tax which is imposed on the admission fee charged for attending any amusement event within the city. The remaining amount of $656,612 was collected from amusement license fees. During this same four-year period, the city exceeded budget projections in each year for a total of $5.3 million in unanticipated revenues.
The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. Both of these documents are a useful tool for policy makers and analysts in understanding our regional and local economy.