Feb 3, 2015 - app and start protecting your tax dollars today! 4.4% = increase in .... Ownership Calculator, there is an
Economic Report Financial Forecast & Snapshot
Office of the City Controller $
Snapshot Highlights Tax revenues (City & PICA) for February totaled almost $468 million, which is a less than one percent decrease compared to last February. A breakdown of the total revenues included almost $434 million into the General Fund and almost $34 million as the PICA portion.
$ City could collect an estimated $5.6 million from fees if all dogs were licensed in Philadelphia Page 3
There is an estimated 348,828 dogs in the City of Philadelphia. This means that if all pet dogs were properly licensed, it would result in an estimated $5.6 million annually in the City’s coffers. REPORT Fraud, Waste & Abuse!
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Phila
Yearly Unemployment Rate
10
MSA U.S.
8 6 4 2
Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15
Jan-15 City - 7.6% MSA - 5.7% Feb-15 US - 5.5%
Dec-14 6.2% 4.7% Jan-15 5.7%
Change 22.6% 21.3% Change -3.5%
Jan-14 8.9% 6.9% Feb-14 6.7%
Millions of Dollars
unemployment rates are non-seasonally adjusted FY13
170
FY14
140
FY15
110 80
July
Aug.
Sept.
Oct.
Nov.
Wage/NPT/Earnings (City & PICA Yearly) 28 26 24 22 20 18 16 14 12 10 8
FY12
Monthly City & PICA Wage/Earnings/NPT Receipts
(in millions)
Millions of Dollars
In addition to reviewing tax revenue collections, the Controller’s economic report identified revenues collected through dog license fees. For the current Fiscal Year 2015 (FY2015), which includes July through February, dog license revenues have totaled $191,756. In FY2014 and FY2013 yearly collections totaled $170,462 and $185,994, respectively.
February 2015
Monthly Feature:
$
Wage/Earnings/NPT (City & PICA) collections for the month totaled $146.8 million, a 15 percent increase over the same month last year. Yearly collections for this tax category have totaled more than $1.1 billion. Monthly sales tax collections for February totaled $11.4 million, which is slightly less than monthly collections prior to the one percent increase (from seven-to-eight percent). In February 2009, the monthly total was $12.1 million, or six percent more than the current month’s total. Since there is a two-month delay in the state remitting the sales tax revenues to the city, February’s revenues typically represent collections during the holiday peak season.
Alan Butkovitz
Dec.
Jan.
Feb.
FY2015 $1,134.4
Mar.
Apr.
May
FY2014 $1,086.3
June
Change 4.4%
Monthly City Sales Tax Receipts
FY12 FY13 FY14 FY15
July
Aug.
Sept.
Oct.
(in millions)
Sales (Yearly) -
Nov.
Dec.
Jan.
Feb.
FY2015 $110.6
Mar.
Apr.
FY2014 $178.8
May
June
Change -38.1%
According to PICA, collections for a single month can be a misleading indicator due to monthly variability in collections
Key Indicators 4.4% = increase in yearly Wage/NPT/ Earnings revenues over FY14
28.5% - increase in monthly home sales over last February
-6% = monthly sales tax revenues down compared to February 2009 13,900 = total city employment over January 2015
pg.1
Economic Report Financial Forecast & Snapshot
Office of the City Controller
Alan Butkovitz
February 2015
Current Employment Data & Forecasted Conditions
Nanmanufacturing Business Outlook Survey According to the Philadelphia Federal Reserve’s Nonmanufacturing Business Outlook Survey, firms reported slight decreases across several indexes over the last month. The current activity index at the firm level decreased by almost seven index points, the new orders index decreased by 2.5 points and the sales/revenues index fell by eight points. While there were decreases among current activity and the demand for services, firms’ responses regarding employment indicate positive labor market conditions. The full-time employment index increased seven points to 20.9, which is its highest reading for the year. Twenty-eight
percent of the firms reported increases in full-time employment compared to only seven percent that reported decreases. The remaining firms reported no change in full-time employment. The firm-level future general activity index decreased by 10 points, however none of the firms reported a decrease in general business activity over the next six months. The future activity index for the region also decreased by 2.5 points.
Total Non-Farm Employment (latest data available) January 2015 673,800
December 2014 688,600
Construction
11,100
11,300
Manufacturing
21,400
21,400
Trade, Trans. & Utilities
90,300
93,500
Information
11,500
11,600
Financial Activities
42,300
42,100
Prof. & Business Srvs.
87,700
90,000
Educ. & Health Srvs.
210,700
217,100
Leisure & Hospitality
68,000
69,700
Other Services
28,000
28,800
Government
102,800
103,100
City Total
Chart from the March 2015 Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey
% Chg.
-2.1% -1.8% 0.0% -3.4% -0.9% 0.5% -2.6% -2.9% -2.4% -2.8% -0.3%
January 2014 659,900 9,700 21,400 89,600 11,300 42,200 86,700 207,700 63,100
26,400 102,800
City of Philadelphia Demographics
Demographic data was compiled from the 2013 U.S. Census Bureau and 2012 American Community Survey
pg.2
Economic Report Financial Forecast & Snapshot
Office of the City Controller M illions U ncollected
from
City’s Current Compliancy Rate Below Five Percent In recognition of National Puppy Day (March 23), it is important to license any dog four months and older or within 30 days of establishing residency in the City of Philadelphia, as required under Section 10-103 of the Philadelphia Code. According to the Animal Care and Control Team of Philadelphia (ACCT), dogs wearing a city license have a greater chance of being returned to their homes and animal control officers can possibly locate an owner before the dog is taken to the shelter. Along with providing safety for dogs and their owners through licensing, the mandatory annual fee generates revenue to the City’s General Fund. For the current Fiscal Year 2015, which includes July through February, dog license revenues have totaled $191,756. In FY2014 and FY2013 yearly collections totaled $170,462 and $185,994, respectively.
Alan Butkovitz
February 2015
D og L icense F ees
While total revenues over the last three years have generated more than $500,000 into the General Fund, this is only a small portion of the total revenue that could be generated. Under the license fee of $16 for altered dogs ($40 for unaltered), the estimated annual pet dog population in FY2014 would have been 10,654.
Dog License Fee Revenue Fiscal Year 2010-15 Collections Fiscal Actual Budget $ Diff. Year 2010 $193,103 $800,000 -$606,897 2011 $232,828 $900,000 -$667,172 2012 $342,514 $1,191,000 -$848,486 2013 $185,994 $1,375,000 -$1,189,006 2014 $170,462 $1,300,000 -$1,129,538 2015* $191,756 $1,300,000 -$1,108,244
According to the American Veterinary Medical Association’s Pet Ownership Calculator, there is an estimated 348,828 dogs in the City of Philadelphia. This means that if all pet dogs were properly licensed, it would result in an estimated $5.6 million annually in the City’s coffers.
Based on the total FY2014 revenue, less than five percent of dogs are compliant with City Code. In addition, the annual amounts collected for dog licenses is significantly below what the City budgets. In FY2014 and FY2013, the City budgeted $1.4 million and $1.3 million, respectively.
*Fiscal Year to Date (July through February 2015) & includes $39K from the Special Revenue Fund
By the Numbers (FY2014)** 3% Compliancy Rate 10,654 licensed dogs $170,462 into General Fund 100% Compliancy Rate 348,828 licensed dogs $5,581,248 into General Fund **Estimated figures are based on the total number of dogs licensed with the $16 annual fee
M onthly H ome S ale D ata
February 2015 - Top 10 Sales by Zipcode ZIP Code
Sales
% of Sales from Bank Owned
% of Sales from Short Sales
19146
48
6.30%
2.10%
19125
43
2.30%
0.00%
19148
36
5.60%
0.00%
19149
36
13.90%
8.30%
19145
35
11.40%
0.00%
19147
31
3.20%
0.00%
19134
30
10.00%
0.00%
19128
27
7.40%
3.70%
19111
26
19.20%
7.70%
19124
26
30.80%
0.00%
Based on information from TREND for February 2015.
19111 19128
19149 19124 19134 19125 19146 19147 19145 19148
772 = Total monthly real estate sales 28.5% = increase in monthly sales compared to February 2014 pg.3
