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Treasurer reports higher-than-expected income-tax receipts; bank reconciliations and staffing noted
Summary
Treasurer Wagers reported income-tax receipts trending above estimates year to date, driven largely by net-profit tax gains, while the tax department is short two clerks and bank reconciliations for March and April remain incomplete. Staff also reported 11 missed quarterly wage filings to Ohio Jobs and Family Services are under review.
Treasurer Wagers told the Finance, Claims, Budget and Audit Committee that year-to-date income-tax receipts are above last year—s estimates and that May collections helped offset a processing slowdown in April. The treasurer said the largest driver of the increase is net-profit tax receipts, which rose substantially compared with the same period last year.
"So just to put it in super plain talk, we have more income than we, anticipated," Wagers said. He provided the committee with a current income-tax receipt summary and…
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