Income tax collections inside the city of Toledo for the first three months of the year spiked to a double-digit increase over the same period last year, Collins administration officials told a City Council committee Thursday.
“The important thing on the city's revenue side is that tax collections are up nearly 14 percent,” City Finance Director George Sarantou said.
The city collected $27.57 million through March 31 from its 2.25 percent payroll tax, which is nearly $3.33 million more than it did last year for the same time.
The city's 2014 budget depends on collecting at least $165.24 million this year. The income tax is the largest source of revenue for the city’s general fund. Police and fire operation eat up the majority of that budget.
Mr. Sarantou told council's finance committee the first-quarter growth was attributed in part to an extra pay period so far this year compared to last year.
“The business net profits category is also running significantly ahead of last year, although this is largely due to a payment from one specific company,” Mr. Sarantou wrote in his monthly report on the city's financial health.
“At this point, the category is up almost 19 percent for the year,” he said. “Of the top 75 largest employers, everyone is showing up. I have not seen that in years so that is great because for the last few years we have seen a lot of negative numbers there.”
The finance director said the city's spending was also on track for the first quarter of 2014.
Police and fire overtime was slightly over budget, costing taxpayers $621,726 and $399,393, respectively.