December 2016 Economic Report

Tax revenues (City & PICA) for December 
Tax revenues (City & PICA) for December totaled $197.5 million, which is a six percent increase compared to last December. A breakdown of the total revenues included almost $167.1 million into the General Fund and $30.4 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $127.1 million, which is an  almost four percent decrease over the same month last year. Yearly collections for this tax 
category have totaled almost just over $900 million, a four percent increase for the year.

Monthly sales tax collections for December totaled $11.9 million, a 19 percent increase over last December. Yearly collections have totaled almost $101.5 million.

Yearly General Fund tax revenues totaled $1.08 billion, an increase of $36 million over last year. Additionally, it is $10.4 million, or less than one percent, above the City’s FY2017 Cash Flow Projections for FY2017 tax revenues.

Home Sales

Home sales in Fishtown (19125) and South Philadelphia neighborhoods located in 19146 led the city for the most sales in December, recording 70 sales each.

Feature - Tracking the Dollars

The City Controller examined the impact to the City of Philadelphia if the Affordable Care Act is repeleaed.  If no replacement plan is implemented, 220,000 Philadelphians would lose their healthcare coverage.  In addition, since Fiscal Year 2015, the City of Philadelphia received almost $493 million in Medicaid expansion funding which is through the ACA. This is funding the City utilizes to fund more than a hundred healthcare entities and community organizations that provide mental health and substance abuse services for as many as 517,000 Philadelphia County Medicaid recipients. 

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