Bell officials predict increase in city's income tax for 2011, decrease in other revenues
10/26/2010The Bell administration Tuesday morning predicted a 2.6 percent increase in income tax collections next year over 2010, but other revenue decreases will more than offset that gain.
The administration said the city could collect $144.95 million in income tax, which is $3.62 million over what it expects to collect this year.
However, Patrick McLean, the city's director of finance, warned that Toledo's share of property taxes could be down $400,000; estate taxes could be down $1 million, and state revenue share could be down $3.8 million next year.
Total revenue for those sources — which account for about 77 percent of the city's revenues and all affect the city's general fund — could total $173.35 million next year, which is $1.58 million less than this year for those same sources.
Total collections from the city's 2.25 percent income tax for 2007 were $169.7 million. After that, the tax revenue began to slide. It was $154.4 million in 2008 and $141.5 million in 2009.