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Chair Brannan details the Council's revenue projections
0:07:58
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35 sec
Finance Chair Brannan provides detailed revenue projections based on the Council's economic and tax forecast.
- The Council projects $1.7 billion more in tax revenue for FY '25 and '26 than OMB's May plan.
- Higher collections are expected in property tax, personal income tax, and unincorporated business taxes.
- Projections for future fiscal years show increasing revenue collection, reaching $3.9 billion more than OMB's projections by FY '29.
Justin Brannan
0:07:58
The council's tax revenue forecast remains largely the same as our previous forecast this past February with shifts in the timing of revenues.
0:08:05
We project that the city will collect a total of $1,700,000,000 more in tax revenue in the current and next fiscal years than OMB projects and their May plan.
0:08:16
It's driven largely by stronger collections in property tax, personal income tax, and unincorporated business taxes.
0:08:23
Additionally, we project $2,500,000,000 greater tax revenue collection in FY '20 '7, '3 point '2 billion in FY '20 '8, and 3,900,000,000.0 in FY '20 '9.