March 2017 Economic Report

Tax Revenues

Tax revenues (City & PICA portions) for March totaled $440.6 million, marking a 24 percent increase compared to last March. A breakdown of the total revenues included $397.9 million into the General Fund and $42.7 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $175.8 million, which is a 21 percent increase over the same month last year. Yearly collections for this tax category have totaled more than $1.4 billion, a six percent increase over last year.

Monthly sales tax collections for March totaled $11.4 million, a 19 percent increase over last March. Yearly collections have totaled almost $140 million.

Home Sales

Home sales in neighborhoods South of Center City and into South Philadelphia (19146) continued to lead the city in March for the most sales, recording 83 sales.

Feature - Tracking the Dollars

With a March 31 deadline, the majority, about 80 percent, of the yearly Real Estate Tax revenues are collected from January through March every year. For the current fiscal year (FY2017), $1.2 billion has been collected. This includes $661 million remitted to the School District and $543 recorded in the City’s General Fund.

The FY2017 yearly collection is about $18 million, or 1.5 percent, above collections over the same period last year.  When compared to revenues from FY2013, the current year total is about $92 million, or 8 percent, more than what was collected four years ago

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