Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Finance staff: revenues at 53% of estimates; withholding up while other income-tax sources lag
Summary
Finance staff reported general fund revenues at 53% of estimates through May; overall distributions were $1.65 million (down $25,000), withholding collections rose about $172,000 while net profit and individual income tax categories trailed, producing a mixed picture for June.
Brooklyn — Finance staff delivered the general fund overview through May, reporting that overall revenues are at 53% of the estimated amount, about 5% higher than the same period last year largely because of stronger withholding income-tax collections.
According to the report delivered by Mr. Regguz, overall commitments stand at 54% of the budget and are 26% higher than the same point last year because of timing differences and the city’s recent $1.2 million purchase of the BP property approved by council. Total distributions received for June were $1.65 million, $25,000 less than June of last year; excluding one-time or non-recurring revenue, June collections were $50,000 lower than June 2025.
Mr. Regguz said withholding contributed a $172,000 increase (about 14%), while net profit and individual income tax categories together declined by $222,000. “Withholdings remain very strong, I will say,” he added.
Committee members had no follow-up questions recorded in the transcript. The report was received for the record; the transcript does not record further action attributable to the finance report itself.
