Philadelphia's yearly revenues are up $27 million over initial projections for the 2016 fiscal year, according to City Controller Alan Butkovitz.
Through the first three months of the new fiscal year, $534 million in tax revenue collections were recorded in the city's general fund, said Butkovitz in a Oct. 27 economic report. Pennsylvania's largest city had anticipated collecting $507 million.
Butkovitz noted that sales tax revenues are up 30% over projections so far in fiscal 2016 and that a portion of these funds are dedicated to pay for debt service on borrowing for the Philadelphia School District along with additional contributions to the city's pension fund. Real estate transfer tax revenue is 10.6% above projections driven by an 18% increase in home sales across the city, according to Butkovitz.
Philadelphia is rated A2 by Moody's Investors Service, A-plus by Standard & Poor's and A-minus by Fitch Ratings.
