(Washington, DC) Chief Financial Officer Natwar M. Gandhi announced today that the District of Columbia's revised revenue estimate for fiscal year 2005 increased an additional $100 million since April due to an improved economy, increased income and real estate tax collections, and increased tourism.
By the end of May, the Districts revenue generation results were astonishing compared to what was originally predicted, said Gandhi. From January to May, compared to a year earlier, individual income tax collections grew 15.6 percent; corporate franchise tax collections grew 24.9 percent; sales taxes grew 9.6 percent, and deed taxes grew 61.8 percent.
The new fiscal year 2005 baseline estimate is $4.1 billion.
For additional information, visit the Revenue Estimates section of this website.
District CFO Revises Revenue Estimate Upward By $100 Million
The District of Columbia's revised revenue estimate for fiscal year 2005 increased due to an improved economy, increased income and real estate tax collections, and increased tourism.