TOLEDO, OH (Toledo News Now) - The city of Toledo has released a new report on tax collections, which indicates the local economy continues to improve.
The report was presented to City Council Thursday afternoon and shows total tax collections continue to outpace last year's receipts for the city.
From January through September 2012, the city collected an overall $106.5 million. This is an increase of slightly more than $5 million from the $101.4 million that was collected at this time last year. The amount has increased 5.02 percent.
Collections from businesses also increased 21.66 percent from last year, jumping from $12.8 million to $15.5 million.
However, reports show a rollercoaster of collection totals over the past few years:
-In 2008, the city collected $104.2 million.
-In 2009, only $92 million.
-In 2010, $92.6 million.
City leaders say it is an encouraging sign the local economy continues to take steps forward, instead of backwards.
"We're certainly pleased with that. We've got a ways to go. We'll temper those numbers when they're not complete. This is the season where people are finishing up the year. Sometimes we get refund requests from companies that estimated earlier in the year," said Patrick McLean, Toledo finance director.
McLean says this trend is important to help the city finish the year without a deficit. Not having a carryover deficit for a second straight year will help overcome challenges to put together a balanced budget plan for 2013.
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