Toledo expected to meet tax revenue projection - Toledo News Now, Breaking News, Weather, Sports, Toledo

Toledo expected to meet tax revenue projection

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The City of Toledo is seeing a rise in tax revenue for 2012. The City of Toledo is seeing a rise in tax revenue for 2012.

TOLEDO, OH (Toledo News Now) – This year continues to be a year of growth for the City of Toledo as a new report shows city tax collections continue to rise.

Through November, the city collected $130.4 million in taxes, $4 million more than 2011 – a 3.1 percent increase. That includes taxes on business net profits totaling $16.7 million, 17 percent higher than 2011.

Toledo Finance Director Patrick McLean said it's a sign the local economy is improving, and he expects the city to meet the 2012 tax revenue projection of $158.4 million.

"Bottom line is we're up more than 3 percent," McLean said. "[That's] a little less than we were a month ago, but still a healthy, solid growth figure."

McLean said the city expenses are staying within the pace of revenues, and he anticipates the city finishing the year with a modest surplus.

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