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Fiscal officer: income-tax receipts running behind projections by roughly $700,000
Summary
At midyear the city is tracking about $700,000 below projected income-tax receipts, the fiscal officer said, and he urged council to limit spending until October withholding receipts clarify the outlook.
Findlay's fiscal officer said midyear income-tax receipts are tracking below the statistical projection used in the budget and estimated the shortfall at about $700,000 if current trends persist.
"If I project what I expect to get by the end of the year, using a basic statistics model... we're down about $700,000 under my projected revenue," the fiscal officer said, and he advised the council to be cautious with new spending until receipts in October provide clarity.
He described the business component of income tax as particularly volatile and said withholding from payroll is the most reliable source: "Withholding is your jobs, and we're gonna hit on that a little bit more detail in a little bit." The officer recommended conservative spending decisions now so the city can end the year in a stronger position.
