In our shoveling, we managed to uncover a copy of the city’s January revenue report.
The Pennsylvania Intergovernmental Cooperation Authority compiles one every month, and after defrosting this one we saw that it continues the trend we’ve been seeing: City finances, while not great, are starting to recover from the depths of the recession.
January tax collections saw a 4.5 percent year-on-year increase, coming in at $129.9 million. Wage tax revenues are up and the increased sales tax rate is starting to have an impact on the city’s bottom line, though the report cautions not to make too much hay out of one month’s figures.
The wage tax saw a year-on-year increase of 3.3 percent, indicating a stabilizing jobs market, though PICA is worried that the recovery might not be coming fast enough.