August 2016 Economic Report

Tax revenues (City & PICA) for August totaled $246.5 million, which is a 19 percent increase over last August. A breakdown of the total revenues included $206.1 million into the General Fund and $40.4 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $172.1 million, a 29 percent increase over the same month last year. 

Monthly sales tax revenues for August totaled  $27.3 million. This is a one percent increase over last July; however, it includes accrued amounts that will be reflected in the last fiscal year’s total due to a two-month delay in collections from the state.

Monthly home sales for July totaled 1,456, a three percent increase over last July.

Along with reviewing monthly General Fund collections, the economic report reviewed the impact that Philadelphia’s professional teams have on the amount of Amusement Tax revenues collected.  

The City of Philadelphia imposes a 5 percent tax on the admission fee charged for attending any amusement event, including concerts, movies and athletic events.  Over the last decade, amusement tax revenue collections have totaled from a low of $16.2 million to as much as $21.7 million.

From Fiscal Year (FY) 2009 through 2012, almost every pro-team, Eagles, Phillies, Flyers and 76ers, made the playoffs and played at least one home game. During these four years, the City averaged $21.5 million annually in amusement tax revenues. 

In FY2013 and FY2015, none of the teams made the post-season. Amusement Tax revenues totaled $18.5 million and $18.7 million, respectively.

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