Manufacturing industry boosts Toledo’s income taxes
Posted By: Toledo Blade on February 6, 2025. For more information, please click here to read the source article.
The city of Toledo is projected to bring in more than $238.7 million in income taxes, an increase that was in part credited to the manufacturing industry, but city officials say they don’t think it will be a trend.
Melanie Campbell, the city’s interim finance director, and John Zawisza, the city’s commissioner of taxation, appeared before the Finance, Debt, and Budget Oversight Committee Thursday to report December’s finances.
Committee Chair George Sarantou asked Mr. Zawisza if he thought the industry would continue to boost income taxes.
“For manufacturing, I mean, looking at who our major players are, I wouldn’t think so,” Mr. Zawisza said. “But I mean, companies will make estimate payments and then, really, until their final returns come in, then you’ll be able to see how much of that needs to be refunded to them, and how of much of it is true collections,” he added.
Income tax collections for 2024 through December totaled approximately $212.3 million for the General Fund, compared to $205 million through the same period in 2023.
For the Road Improvement Fund, income tax collections totaled approximately $23.3 million through December, compared to $22.3 million through the same period in 2023. Total collections for 2024 were approximately $235.6 million.
While the report presented to the committee calculated revenues and expenditures through December, the number will likely change as the city undergoes its annual audit. The city will record its 13th period income tax collections, complete medical and workers’ compensation actuarial reviews, and make year-end closing entries in the next few months.
“As we’re reporting through December, these numbers are still preliminary and unaudited,” Ms. Campbell said.
She added that a 2024 preliminary trial balance is expected in early April.
December’s withholding tax collections were up $1.9 million, or 13.2 percent, from December, 2023. Business collections were down $45,466, or 1.6 percent, from the same time last year.
Total withholding tax collections for 2023 were more than $165 million. This year, the total withholding tax collections are more than $174 million, an increase of about 5.3 percent.
The total general fund revenue through December is estimated at $327,091,917. Actual collections in revenue so far are $312,788,563. General fund expenditures so far are $318,910,337, which is under the total estimate of $333,590,782.
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