Monthly Economic Report – Philadelphia Tax Collections Post Strong First Quarter

Audit Date: October 30, 2013
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
October 30, 2013

Contact: Brian Dries

Philadelphia Tax Collections Post Strong First Quarter
City Controller’s economic report shows City Fund up $31 million,
School District Fund up $7 million

September 2013 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest Economic Report that indicated City General Fund tax revenues for the first quarter of FY2014 totaled $482 million, a $31 million increase over last year’s collections for the same period.

While every city tax category realized growth over FY2013, the most significant increases came through the Business Income & Receipts Tax (BIRT) and the Realty Transfer Tax with increases of $11.8 million (67%) and $9 million (29%), respectively. Sales tax revenues posted a $1.4 million increase over last year.

In addition, tax revenues remitted to the School District of Philadelphia increased by $7 million, or 10 percent, over last year’s first quarter collections. This is largely due to a $2.4 million increase produced from the Liquor by the Drink Tax and a $2.6 million increase in Business Use & Occupancy Tax.

The Controller’s economic report also noted that manufactured goods continue to record its highest reading since March 2011. Over 51 percent of manufacturing firms have increased their workforce in the last year. Furthermore, indicators for new orders, unfilled orders, delivery times, inventories and number of employees all realized increases over last month.

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.