Youngstown income tax was $2.4 million less than budgeted
The city’s income tax collections for 2012 were $2,428,300 less than budgeted, but city administration officials say Youngstown’s finances this year are in good shape.
The city received $42,471,700 in income tax for 2012. The projected collection amount was $44.9 million. That’s a 5.4 percent decline.
“It’s a projection,” city Finance Director David Bozanich said about what they had expected to collect.
The collection amount was also less than the $43,948,900 the city received in income tax in 2011.
Projections in previous years have also been off.
The projected collection amount in 2011 was $41,750,000. The city received more than $2 million over that estimate.
Bozanich said his office is reviewing income tax amounts it received for employees of various companies in Youngstown to see what caused the decline.
Income tax is the single largest source of revenue for the city.