For Immediate Release
Oct. 24, 2017
Contact: Brian Dries
City Controller Issues Latest Monthly Economic Report
Report reviews tax revenue collections and home sales
PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly Economic Report that indicated monthly tax revenues were up almost $26 million, or 13 percent, over last September.
Monthly revenues recorded in the city’s General Fund and PICA portion totaled almost $226 million, compared to $200 million in last September. The Wage, Earnings and Net Profits combined for $151 million, which is five percent above the same month last year.
Sales Tax collections totaled almost $12 million for September, which is about a three percent increase over last year. Yearly collections for the first quarter of Fiscal Year 2018 totaled almost $70 million, which is a nine percent increase compared to last year.
Overall tax revenues are almost $40 million, or 6.6 percent, above what the city anticipated collecting through the first quarter of Fiscal Year 2018.
In addition to reviewing the latest tax revenues, the City Controller’s economic report indicated that monthly home sales were down by less than one percent over last September. Home sales totaled 1,319 compared to 1,328 last September. While sales were below the prior year, they were still significantly above amounts recorded five years ago by 60 percent.
Latest home sales across several South Philadelphia neighborhoods continued to record the most sales. This included sales in 19146, 19148 and 19147, which accounted for 13 percent of total city sales.