City payroll withholding tax collections for the first three quarters were below the same period in 2012, but were consistent with budget projections, said Councilman Jim Seaman, council finance committee chairman.
Revenue for the first three quarters came to $11,334,658, compared to $11,901,442 for the same time frame last year, Mr. Seaman said. The 4.76 percent falloff was attributed to less work by BP-Husky LLC and Toledo Refining Co. on their facilities.
“Although withholding figures tend to be a good indicator or local economic activity, ours tend to be a bit more volatile than other communities’ because of the significant role played by Oregon’s large industrial employers,” he said. “In years when there are major projects or renovations in the city’s two refineries, withholding revenue is larger. In years with less activity scheduled in the refineries, withholding revenue tends to fall off.”
Strong growth is likely in coming years, he said. The refineries have scheduled major projects and ground has been broken at the Oregon Clean Energy LLC power plant planned next year.
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