For Immediate Release:
Dec. 23, 2009
Contact: Brian Dries
City Tax Collections Decline Except Parking Tax
Controller’s monthly economic report reviews the city’s tax collection figures
PHILADELPHIA – City Controller Alan Butkovitz today released the monthly Economic Forecast and Snapshot that shows most of Philadelphia’s tax collections remain below last year’s collections except for the parking tax.
Through the month of November, the city’s parking tax collections for FY10 totaled almost $30 million, a five percent increase from last year. Twenty percent, or $6 million, of the total was collected during the month of November.
The economic report also indicates that total tax collections for FY10 amount to $787 million, a decrease of 9.29 percent from one year ago. Other tax collections (in millions) including one year percent changes through the month of November include: real estate, 25.7 (-22.1%); realty transfer, 48.4 (-20.4%); and amusement, 9.2 (-8.7%).
The Economic Snapshot and Monthly Forecast are compiled by the Financial and Policy Analysis staff. The City Controller’s office circulates these documents on a monthly basis to assist key decision makers in understanding and anticipating local and national economic trends.
The Monthly Economic Snapshot presents key economic data for the United States, the Greater Philadelphia Region, and the City of Philadelphia. The Monthly Economic Forecast Review is a collection of projections from prominent economic institutions and an analysis of their forecasts of future economic performance. These two documents together — the Snapshot and the Forecast Review — are a useful tool for policy makers and analysts in understanding our city’s and country’s economy.