Philadelphia's general fund tax revenues are up $85 million for the first five months of the 2016 fiscal year, according to City Controller Alan Butkovitz's new economic report released on Dec. 30.
The city's general fund tax revenues from July 1 to Nov. 30 totaled $892 million compared to $807 million collected during the same period in 2015, a 10.5% increase. Business income and receipts tax revenues jumped 76% with realty transfer tax collections up 34%. Wage tax revenue also rose $25 million from the year-ago period.
The economic analysis conducted by Butkovitz also showed that there were 14,016 home sales posted from December 2014 through November 2015. He attributes the significant increase in reality transfer tax revenue to solid home sales.
Philadelphia is rated A2 by Moody's Investors Service and A-minus by Standard & Poor's and Fitch Ratings.