According to the controller's latest monthly economic report, from July 1, 2013, to Jan. 31, general fund tax revenues totaled $1.19 billion. But that number should look more like $1.20 billion.
The city's top money manager, Finance Director Rob Dubow, said that gives a bleak outlook ahead of the mayor's budget address, expected later next week.
"It does highlight one of the concerns we've had as we look at wage tax collections, which have been coming in slow," Dubow said.
"That's our biggest revenue source, and when that comes in slowly, it's a particular challenge for us," he said. "The potential is if that comes in slowly and we don't make other adjustments, it could eat into our fund balance."
Dubow predicts revenues will be off by about $30 million this fiscal cycle, "and that's a lot," he said.
Butkovitz said wages and earnings and net-profits taxes are reportedly down $7.5 million; real-estate taxes are down $5.4 million; realty-transfer taxes are down $2.2 million; and sales taxes are down $2.4 million. The business income and receipts taxes, however, turned up $1 million above projections.
The controller's report also revealed that monthly home sales were down 8.5 percent from this time last year. Neighborhoods across South Philadelphia were the exception, with some of the highest recorded sales for the month of January.
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