Finance director: March report shows income-tax uptick and higher year-to-date expenditures

Jim Milton, Bay Village’s finance director, presented the city’s March 2025 financial report to council on April 21, saying municipal income tax collections for March were up 7% compared with March 2024 and that year-to-date revenue and expenditures showed increases.

"Income tax collections are up, 7% compared to the previous year for the March," Milton said during the committee report. He told council that some of the increase in revenue reflected the first-half property-tax settlement the city received in March following county reappraisal work, and that transfers and accounting timing also affected the year-to-date numbers.

Milton summarized several key figures: the report shows revenue and fund balances rising compared with the prior year; he said total revenue increased roughly 5% while expenditures rose about 18% compared with the same period last year. He attributed part of the higher expenditures to overall wage and salary increases and to the fact that the city allocated half of its annual transfers at the start of the year rather than spreading them monthly, which inflates first-quarter comparisons.

The finance director also noted that Fund 400, the general capital fund, received approximately $817,000 in property-tax revenue as a result of a council decision to reallocate certain general-obligation amounts into the capital fund. Milton said a full copy of the March financial packet will be included in the May 5 finance committee packet for further review.

The council acknowledged receipt of the March 2025 financial reports; Finance Committee Chair Councilman Wenzik said staff would bring a short highlight report to the May 5 finance committee meeting that will include April numbers and follow-up questions.