Monthly Economic Report – City Tax Revenues on Par for the Year


Audit Date: January 30, 2015

Audit Categories

  • Financial
Controller: Alan Butkovitz

Executive Summary


For Immediate Release
Jan. 30, 2015

Contact: Brian Dries
215-686-8869

City Tax Revenues on Par for the Year
City Controller’s economic report includes review of
General Fund Tax collections through the first half of FY15

December 2014 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released the latest monthly economic report that indicated City General Fund tax revenues through the first half of fiscal year 2015 have met the City’s budgeted projections.

From July 1 through December 31, 2014, City tax collections totaled $968 million. This was $5 million, or 0.6 percent, above the City’s projections as recorded in the latest Quarterly City Manager’s Report. A breakdown of the yearly General Fund tax collections by major category included the following:

(amounts in millions)

Tax FY15 Actual FY15 Projection $ Diff.Realty Transfer

$103.0

$95.0

$8.0

Wage, Earnings, Net Profits

$642.2

$637.3

$4.9

Other (amusement, parking, valet, tobacco, etc)

$50.4

$50.0

$0.4

Business Income & Receipts

$35.3

$37.1

-$1.8

Real Estate

$49.2

$51.7

-$2.5

Sales Tax

$88.0

$91.7

-$3.7

A higher collection in Wage, Earnings and Net Profits indicates a stronger local workforce through the first half of the year. Additionally, the higher collection for the Realty Transfer tax indicates home sales have remained positive since July.

As indicated in the Controller’s economic report, monthly home sales for December totaled 1,067, recording an 8.7 percent increase compared to last December. The majority of sales occurred in neighborhoods across South Philadelphia as well as portions of the Lower Northeast.

###