City Finance Director Patrick McLean says the improving economy and a single large payment related to stock options had netted the increase.
In one of the best signs yet that Toledo’s economy is rebounding, the Bell administration announced Thursday that income tax collections through May 31 increased more than 13 percent over the same period last year.
City Finance Director Patrick McLean told Toledo City Council’s finance committee that the improving economy and a single large payment related to stock options had netted the increase. Even without the stock option, the income tax figure would have been up more than 9.5 percent over the first five months of 2011.
The city collected $55.47 million from the income tax, which is $6.39 million more than the same time last year. The withholding, business, and individual categories were all up in the current report.
Councilman George Sarantou, chairman of the committee, said income tax the report was encouraging but cautioned the administration to keep spending under control.
“I have not seen in many, many years, all positives of the [income tax] categories,” Mr. Sarantou said.