So far, so good on the city’s revenue estimates this year.
The latest monthly analysis from PICA, the state agency overseeing city finances, says that the city’s tax collections in January continued to exceed last year’s figures and the estimates built into this year’s city budget. That’s good news for the city’s bean-counters, but also speaks well for an improving economic climate inside the city.
Through January, the first seven months of the fiscal year, wage and earnings tax receipts were up 5.3 percent compared to last year, to $932 million. The city’s budget anticipated a 2.3 percent increase for the full fiscal year, ending June 30.
Sales tax collections through January reached $147 million, up 3.1 percent from last year, compared to 2.3 percent in the city’s estimate, and real estate transfer tax collections reached $82.7 million, a 16.7 percent boost from 2012, compared to 4.3 percent in the city’s estimates.