Phoenix collected $355 million in sales taxes in the first 11 months of fiscal 2012, up from $342.8 million in the same period last year.
The latest monthly report from finance director Jeff DeWitt said 88.6% of expected revenues were collected in the period, indicating a slowdown in revenues. Expenditures are at 83.3% of budgeted spending.
Total revenues were down $31.5 million from fiscal 2011 due to a drop of $22.2 million in state shared taxes and a $12.1 million decline in property tax collections.
Sales tax revenues in May totaled $31.4 million, down only 0.2% from May 2011.
Retail sales tax collections totaled $11.5 million, down from $11.6 million a year ago.
The temporary food tax generated $2.4 million in May, up from $2.3 million in May 2011. The tax is to expire in April 2015.
Sales tax revenues account for more than half of Phoenix’s general fund budget.
