Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Tax Advances topic
No spam. Unsubscribe anytime.
Council approves annual resolution to request advances on real estate tax collections
Summary
Council approved a routine resolution asking the county to advance collections of real estate tax receipts over multiple weeks to help city cash flow, a practice explained by the finance director as an annual procedure to avoid receiving a single final payout.
Canfield’s council approved a resolution requesting advances on the collection of real estate taxes so the city receives periodic advances rather than one final payout, a move the finance director said helps smooth municipal cash flow.
"If we don't request these advances, they give them to us weekly as they're collecting the real estate taxes. If we don't request the advances, we would just get the one final payout," Finance Director Clayton explained, calling the request an annual practice that spreads receipts over several weeks.
The resolution was moved and seconded and the council recorded affirmative votes to pass the measure. No dollar amounts, contingencies or changes to the distribution timetable were specified in the meeting record; fiscal details remain part of the city's routine treasury operations.
The action is procedural and intended to manage cash flow; no changes to tax rates or collection authority were proposed.
