The Philadelphia Beverage Tax yielded $6.5 million in the month of July – the first month of the 2018 fiscal year for the city, according to preliminary figures.
The initial July revenue figure is less than what the city would need to average on a monthly basis to hit its yearly fiscal projection of more than $90 million – again putting the Mayor's Office on the defense while critics of the tax hammer the disparity.
Taking into account the revised PBT revenue estimate of $39.7 million for fiscal year 2017, a spokesman for the city says the tax dollars collected between January and July are trailing the latest expectations for the calendar year by less than 1 percent.
To read the full story, click here.
For more business news, visit Philadelphia Business Journal.
