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Auditor reports 2024 carryover, income tax growth and higher interest earnings at Salem council meeting
Summary
City auditor Sam Salvino told council the city's carryover into 2025 and year-to-date income tax receipts for 2024, reported a 6.05% increase in income tax receipts from 2023 to 2024, and noted a marked rise in interest earnings over two years.
Auditor Sam Salvino gave a year-end financial recap at the Salem City Council's Jan. 28 meeting, reporting carryover figures, income-tax receipts and notable gains in interest earnings.
Salvino said the city's carryover value going into 2025 was reported to council as 1,000,000,379,117.96 (as reported on the provided carryover worksheet). He told council that 2024 income-tax receipts year-to-date totaled about $7.6 million, up from about $7.2 million in 2023 — a 6.05% increase. He said the 1% and quarter-percent levies together…
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