Report: City Expects $8.9B More in Tax Collections

The city is expecting $8.9 billion more in tax collections for this fiscal year and next than it was predicting just 12 months ago.

A report released yesterday by the state Comptroller, Thomas DiNapoli, found that the higher-than-expected tax revenue forecasts — $5.6 billion for fiscal year 2007 and $3.2 billion for fiscal year 2008 — are being driven by business, income, real estate taxes, and surging Wall Street profits.

While the tax revenue boon is already accounted for in Mr. Bloomberg's budget, the report highlights how the city's sizzling economy has repeatedly defied economists expectations.