WPB Business Revenues Beat Expectations

Numbers show West Palm Beach business economy stronger than anticipated.

February 1, 2016 (West Palm Beach, FL) - With only one third of the fiscal year in the books, just-released numbers show the City of West Palm Beach has already collected 93 percent of the entire year's projected business tax revenues. The total anticipated business tax revenues for this fiscal year (which began October 1, 2015) is $3.1 million dollars. Yet with only four months of the fiscal year passed, the city has already collected $2.9 million dollars in business taxes. While collections generally weigh heavier on the front end of the fiscal year, overall collections are up from last year. According to new numbers, total revenues for the Development Services Department (of which business tax collection is a part) are up $2 million dollars over the same time last year. "It's early in the year, but the numbers prove what the business community and developers are saying on the street," said Chris Roog, Director of Economic Development for the City of West Palm Beach. "People are excited about the city. They're bullish on its economic outlook, and they are especially excited about the impact of a new business tax abatement ordinance if voters pass it next month." said Roog. According to number crunchers in the Development Services department, if the figures hold up the department is on pace to exceed budget forecasts by 33 percent.