Philadelphia reached the six-month mark on its sweetened beverage tax in June, and the Philadelphia Department of Revenue has reported preliminary figures for the month, which closed out fiscal year 2017.
On Monday, a spokesperson for the city told Philadelphia magazine that the preliminary total for collections of the beverage tax in June is $6.9 million, bringing the preliminary FY17 total to $39.3 million.
The city brought in the second highest collection of the tax in June (behind March’s $7 million), but the preliminary figure also suggests that the city has missed its FY17 projection of $39.7 million, according to the Philadelphia Business Journal, which first reported the numbers.
“The preliminary FY17 total is only about $300,000 below the revised target,” city spokesman Mike Dunn told Philadelphia magazine on Monday. “We remain confident that the beverage tax is and will remain a reliable source of revenue, to the benefit of thousands of Philadelphia families and children.”
Dunn said the city doesn’t expect the final FY17 total to be substantially higher than the preliminary total. “Projections are always approximate — and we feel we essentially hit our target. In addition, we have consistently said that — as with any new tax — we need a full year of collections in order to make fair assumptions about month-to-month collections.” Read more »