City Controller Alan Butkovitz says tax revenues for the current fiscal year are well below projections, according to a press release issued by his office this morning.
From July 1, 2013 through Jan. 31, 2014, general fund tax revenues totaled $1.19 billion*. The city’s projected tax revenue for the same seven-month period was expected to be more than $1.20 billion, according to the controller’s latest monthly economic report.
Butkovoitz points to the following that make-up the lower dividends – wages and earnings and net profits tax are reportedly down $7.5 million; real estate taxes are down $5.4 million; realty transfer taxes are down $2.2 million; and sales taxes are down $2.4 million. Business Income and Receipts taxes, however, turned up $1 million above projections.
The controller’s report also revealed that monthly home sales were down 8.5 percent from this time last year, with the exception of South Philadelphia, where some the highest sales of the month were recorded.