UPDATE: More on Philly tax collection, and what it tells about who's hiring and who's still cutting jobs, in my column in today's Inquirer here.
EARLIER: Based on third-quarter collections, Philadelphia expects to collect $18 million more than previously projected in wage taxes in the fiscal year that ends June 30, plus $10 million in extra "business privilege" tax revenue, $6 million in extra sales taxes, and $5 million more than projected from the net-profits tax, according to the city's quarterly report to the state-run Pennsylvania Intergovernmental Cooperative Authority (PICA).
But the recovery has not spread to property values or sales: Real estate tax collections have lagged a bit and should come in around $489 million, vs a projected $491 million. Real estate transfer taxes are estimated at $120 million, also slightly below expectations.
Get the PICA report here, read the city data it's based on here.
Almost two-thirds of the wage-tax increase was due to rising healthcare and human-services payrolls, PICA executive director Uri Monson told me. Education wages also rose. Penn, Temple, Drexel and other medical and college institutions are the largest group of private employers in Philadelphia.Â
EARLIER: Based on third-quarter collections, Philadelphia expects to collect $18 million more than previously projected in wage taxes in the fiscal year that ends June 30, plus $10 million in extra "business privilege" tax revenue, $6 million in extra sales taxes, and $5 million more than projected from the net-profits tax, according to the city's quarterly report to the state-run Pennsylvania Intergovernmental Cooperative Authority (PICA).
But the recovery has not spread to property values or sales: Real estate tax collections have lagged a bit and should come in around $489 million, vs a projected $491 million. Real estate transfer taxes are estimated at $120 million, also slightly below expectations.
Get the PICA report here, read the city data it's based on here.
Almost two-thirds of the wage-tax increase was due to rising healthcare and human-services payrolls, PICA executive director Uri Monson told me. Education wages also rose. Penn, Temple, Drexel and other medical and college institutions are the largest group of private employers in Philadelphia.Â
Total wages (and wage taxes) at telecommunications companies (like Verizon and Comcast), utilities, temp services, insurers, hotels and sports teams also rose. Wage and earnings taxes are estimated at $1.15 billion; business privilege taxes totalled $361 million; sales taxes, $248 million; net profits taxes, $17 million.
The gains were offset by higher expenses, including an extra $12.5 million in payments to city workers' pensions to cover costs deferred from last year, plus back overtime pay for emergency medical service workers, higher police overtime, and higher court costs.
The gains were offset by higher expenses, including an extra $12.5 million in payments to city workers' pensions to cover costs deferred from last year, plus back overtime pay for emergency medical service workers, higher police overtime, and higher court costs.