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Allentown finance staff reports $154 million general fund revenue; earned income tax now largest revenue source
Summary
Finance staff reported year‑end and February figures: $154 million in general fund revenue for the prior year, earned income tax (EIT) of $43.3 million now exceeds property tax receipts of $39 million, cash and investment positions, ARPA balances, and progress on audits and the Munis ERP rollout.
Miss Patel, finance staff for Allentown City, presented the committee with the year‑end and February monthly financial reports and highlighted revenue, expenditure, investment and project updates.
"We closed the general fund revenues with hundred and 54,000,000, and 68% of those revenues came from taxes," Patel said, adding that taxes include the city real estate tax, business privilege tax, deed/transfer tax and earned income tax (EIT). She reported EIT at $43,300,000, which exceeded property tax receipts of $39,000,000. "Last 2 years, it's been yes," Patel said when asked whether EIT had previously surpassed property tax.
Patel reported general fund expenditures closed at $145,000,000 against an adjusted budget of $157,000,000, noting personnel costs made up roughly 70 percent of expenditures at about $102,000,000.…
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