PHILADELPHIA (KYW Newsradio) — Philadelphia lost 11% of its tax revenue in the year since the pandemic hit, according to a report released today by the budget oversight agency PICA.
The city has now collected a full year of taxes under COVID-19. The total amount is almost $300 million dollars less than it collected in the year prior to the outbreak, according to the PICA report.
The agency says the biggest losses were in the wage tax, real estate and parking taxes.
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The American Rescue Plan will compensate for most of the losses this year, but city officials have warned the virus created long-term structural problems that will require hard choices in the city budget.
Mayor Jim Kenney presents his spending plan to city council on Thursday.