Toledo’s 2011 financial forecast
It’s good news-bad news for Toledo when it comes to money in 2011.
The good news comes in the form income taxes that are expected to be up about $3.6 million.
The bad news is that other sources of revenue like property tax, estate tax, and state funds will all be down, meaning the city is expected to lose about $1.6 million total.
That state funding is the biggest concern because the state has an estimated $8 billion shortfall.
“Our message to Gov. (Ted) Strickland or to whoever is elected governor: don’t be balancing the budget on the backs of Ohio cities,” said Patrick McLean, Director of Finance for city of Toledo. “These funds are terrible important to us.”
The increase in income tax revenue is the first increase Toledo has seen since 2007.
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