Findlay boasts $3 million in unexpected tax revenue - News, Weather, Sports, Toledo, OH

Findlay boasts $3M in unexpected tax revenue

FINDLAY, OH (Toledo News Now) -

Last week, Findlay city officials said income tax revenue was down 5 percent this year. Now, all the payments are in and the amount collected was a big surprise.

City officials say local businesses are to thank for the $3 million in unexpected tax revenue this year. With two months left in 2013, Findlay officials have collected $6.3 million in income taxes from businesses. Compared to 2012 as a whole at just $1.4 million in that category, that's a 331 percent increase.

Andrew Thomas, Findlay's income tax administrator, says the money came as a surprise because many companies wait until the last minute to file.

"Individuals and businesses have until October - if they have an extension - to file their returns, so we have a rather large number of tax returns that come in in October. Historically, there are more businesses that file for extensions than individuals," explained Thomas.

The spike is due to Findlay increasing its income tax by .25 percent in 2012. Back in November, residents voted to bring the tax back down to 1 percent. Officials expect to take a hit because of that at this time next year.

Still, with $3.1 million in unexpected revenue in the city's pocket, officials say that money may go towards rehiring jobs in safety forces, like the 10 firefighter positions dropped because of budget cuts.

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