Monthly Economic Report: Sales Tax Revenue Collections Up

Audit Date: March 12, 2012
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
March 12, 2012

Contact: Brian Dries

Sales Tax Revenue Collections Up
Controller Alan Butkovitz issues special economic update that shows February
was record setting month; highest sales tax collection ever recorded

Click here to view economic update

PHILADELPHIA – City Controller Alan Butkovitz today issued a special economic update that indicates February’s sales tax revenues totaled $23.9 million, marking the highest one-month sales tax collection ever recorded by the City.

According to data collected from the City’s online FAMIS accounting system, February’s total amount was $1.14 million more than sales tax collections from February last year, which suggests the City realized a strong holiday shopping season. February’s sales tax collections are a good reflection of the holiday shopping due to a delay in the time it takes the City to record monthly sales tax collections remitted from the state.

Sales tax revenues for February have increased every year since FY10, which is the first year the City’s eight percent sales tax went into effect. The City receives two percent of the tax and the state keeps the remaining six percent. Along with February 2012’s record month, other top-recording monthly sales tax collections include the following:

-August 2010 – $23.42 million
-February 2011 – $22.75 million
-May 2011 – $22.70 million
-February 2010 – $22.32 million
-May 2010 – $22.13 million

This Controller’s special update is a supplement to the monthly economic report that 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. The Controller’s economic report is a useful tool for policy makers and analysts in understanding our regional and local economy.