The city of Toledo is on track for a potential $800,000 deficit in the current year, based on income tax revenue trends for the first nine months of the year, city council s finance committee was told yesterday.
City Finance Director John Sherburne said this year s $235 million general operating fund budget was based on a 4 percent increase in income tax revenues over 2005. As of Sept. 30, income tax revenues were running 3.5 percent over 2005, he said.
Mr. Sherburne said he believes the city would still meet its revenue projections because of higher than expected estate tax and investment income to finish 2006 without going over the budget.
We still project we are going to live within the 2006 budget as it was approved, he said.
The city has collected $107.9 million in income taxes so far, an increase over the $104.3 million collected in the first nine months of 2005.