Tax revenues down in NYC

After years of growth, the city’s tax collections have dropped in the past few months, according to a new report.

Business, personal-income, sales and real-estate tax collections all decreased in the months from April to August compared with the same period in 2015, according to The Wall Street Journal.

The decline comes just as budget expenditures are rising under Mayor de Blasio.

City number crunchers claim the drop is significant when compared with the previous five years.

“This has not gone as it has in the recent past,” Latonia McKinney, the City Council finance director, told the paper. “It gives us pause to figure out what’s going on.”

Some of the decreases are causing concern because the revenue is integral to the city’s financial stability.

Withholdings from worker’s paychecks have decreased along with Wall Street trader bonuses, which have fallen 9 percent.

The de Blasio administration hired about 16,000 employees, according to the Journal, the largest twoyear expansion of the city’s workforce in decades.

Councilman Dan Garodnick, a Manhattan Democrat, said it was time for de Blasio to cut back on spending.

“If the mayor will not engage in discussion of programs that are wasteful, then the council needs to do that,” he told the Journal.