Toledo finance committee reports preliminary December revenues; city projects $238.7 million in income tax collections and plans roughly $48 million from CIP, a

Director of Finance Candy Campbell told the Toledo City Council Finance, Debt and Oversight Committee on a monthly meeting that December financial results are preliminary and unaudited and that the city currently projects $238,700,000 in overall income tax collections for the fiscal year.

Campbell said the year-end closeout process — including accruals, internal service fund adjustments, actuarial entries for healthcare and workers' compensation and compensated-absence adjustments — will continue over the next several months and will affect final figures. "These numbers are still preliminary and unaudited," Campbell said.

Tax Commissioner John Zavisha told the committee the withholding category was up $1,965,000 (13.2%) for December and that city staff currently are projecting overall income tax collections of $238,700,000. Zavisha and finance staff described the "thirteenth period" timing effects that can shift collections month to month, noting a large December…