TOLEDO, OH (Toledo News Now) -
While
work is still being done to close out the 2012 budget for the City of Toledo,
Finance Director Patrick McLean anticipates the city ending the year with a
surplus, possibly in the 7-figure range.
On
Thursday Toledo City Council received an update on 2012 tax collections. The
latest information shows 2012 collections were $158.3 million, up 3.1 percent
from the 2011 total of $153.5 million.
"Income
tax is a function of the number of people working and how much they're paying
and how much they're making," McLean said. "And as we put more people back to
work and focus on that, we're going to see those numbers getting better."
Councilman
George Sarantou said it's an encouraging sign for the local economy.
"What's
really noteworthy in the area of businesses, companies that pay income tax for
2012 - that was up over 17 percent," he said.
In
January, the city collected $2.7 million in taxes, compared to $2.2 million in
January of 2012, a 20 percent increase.
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