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Revenues for Washington, D.C., lagging behind fiscal 2013 -city
March 7, 2014 / 9:54 PM / 4 years ago

Revenues for Washington, D.C., lagging behind fiscal 2013 -city

WASHINGTON, March 7 (Reuters) - Tax collections for Washington, D.C., for the fiscal 2014 year are running below last year’s as many revenue areas drop, according to a city finance office report released on Friday.

For the fiscal year that began on Oct. 1, 2013, tax collections were down $44.7 million, or 3.2 percent, from the same period the year before. That put total collections for fiscal 2014 through January at $1.339 billion, the report on January’s performance found.

The decline came from a $10.5 million fall in real property taxes, the district’s largest single tax source, and a $14.3 million drop in individual income taxes, its third-largest source. Corporate income taxes were down 19.3 percent, or $16.9 million.

One bright spot was general sales taxes, the second-largest revenue source, which rose $12.3 million, or 3.3 percent, from the first four months of fiscal 2013 to $387.7 million.

The district took in $401.6 million in January revenues, which were 67 percent behind the same month last year almost exclusively due to the fall in corporate income tax intake.

Because it is home to the U.S. government, the District of Columbia pulled out of the 2007-09 recession faster than many areas and recently has prospered from rising home prices and rents.

When adjusted for inflation, the district’s revenues rose $812 million over the three fiscal years stretching from the end of the recession to last fiscal year, according to the report.

The district anticipated revenues rising $334 million when adjusted for inflation over the three following fiscal years, according to the report. Federal budget fights over the last year have taken a toll, especially on the local job market and on salaries.

In December, private-sector job gains were not enough to compensate for the loss of thousands of federal jobs, according to the report. Temporary income and sales tax increases were due to expire.

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