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Finance director: South Lebanon income-tax collections up ~13%; tax-budget schedule set
Summary
Finance Director Tina Williams told the council income-tax collections are up about 13 year-to-date (about $200,000), the general fund balance is around $6.6 million, and staff will schedule a tax-budget meeting ahead of the July 15 deadline.
Tina Williams, South Lebanon's director of finance, told the council on June 17 that year-to-date income-tax collections are up about 13 percent versus the prior year, which she said "equates to about $200,000." Williams said April showed an 8 percent increase and that the overall trend is upward compared with last year.
Williams said the city's general fund balance stood at about $6,600,000 and that interest income over a two-year period has added almost $1 million to that balance. She said staff is considering investing an additional $1 million in STAR Ohio while the city waits for incoming loan payments to be scheduled.
Williams also asked council members to check schedules for a finance-committee meeting to prepare the tax budget; the tax-budget filing deadline she cited is July 15. She proposed holding a tax-budget session the morning of June 26 to meet timelines and said council packets for the July 1 meeting will go out in time for review.
Council voted to approve invoices, the May financial statements and the law director's invoice during the meeting; those votes were routine approvals recorded in the consent portion of the agenda.
