Loading…
Friday, July 11, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: Friday, 12/20/2013 - Updated: 6 months ago

Income tax collection up from ’12

City still expects to end ’13 short

BY IGNAZIO MESSINA
BLADE STAFF WRITER

With 2013 nearly over, Toledo income tax collections — a key indicator of the city’s financial health and the lifeblood for city services — was up over the same period for last year, but just barely.

At the same time, the projected total income tax collection for the year is not expected to reached the budgeted amount, the Bell administration said Thursday during the city’s final finance committee meeting of the year.

The city collected nearly $131.12 million by Nov. 30, which is up 0.49 percent over the same period last year, said acting Finance Director Clarence Coleman.

The city budgeted to collect $163.9 million though Dec. 31 but is expected to fall short. That would have been a 3.3 percent increase over 2012. The collections likely would be $3.9 million short, Deputy Mayor Steve Herwat said.

Even with the tax collections expected to fall short this year, the proposed 2014 general fund budget — submitted last month by Mayor Mike Bell — predicts Toledo will collect $165.24 million from the 2.25 percent income tax. Mayor-elect D. Michael Collins could adjust the budget before council approves it.

Although the tax collections will be down, other 2013 revenues were above budget by Nov. 30, including the estate tax. The city expected the tax would generate $650,000 in 2013, but it produced more than $3.47 million. That won’t happen again because the estate tax has been eliminated.

Two line-item revenues in the 2013 budget are way under budget. An expected $4.26 million from “other fees/​charges” only had produced $353,919 by Nov. 30. Also, an expected $17.5 million from “other revenue” produced $1.72 million by the end of last month.

However, Mr. Herwat said those revenues, which include the city’s cable-franchise fee and money from Toledo’s water department, have not yet been paid and would make up that shortfall.

“We anticipate that, all told, even with the reduction in income tax, we will end the year with about a $1 million surplus, which is the third year in a row the city will finish with a surplus,” Mr. Herwat said.

Overall general fund spending was on budget as of Nov. 30, but police and fire overtime was over.

City revenues across all funds in 2014 are predicted to total $657.8 million, while spending will reach about $653.5 million. General fund revenues are budgeted at $244.78 million, and Mayor Bell’s proposed spending will total $244.76 million — leaving a $20,000 surplus at the end of 2014 in that budget. The administration again is recommending the city transfer $14.1 million from the capital improvements plan budget — the same amount taken out of that fund to balance the general fund in 2013.

Contact Ignazio Messina at: imessina@theblade.com or 419-724-6171 or on Twitter @IgnazioMessina.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories




Poll