City tax collections up from last year - Toledo News Now, News, Weather, Sports, Toledo, OH

City tax collections up from last year

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.     

Copyright 2013 Toledo News Now. All rights reserved.  

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