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Mid-year report: Richfield reports 44.5% of budgeted revenues collected through June; income tax up marginally
Summary
Finance Director Turk reported that through June 30 the village collected $17,783,189 (44.5%) of budgeted revenues and expended $17,484,876 (38.8%); income tax collections through June were $6,838,497, up 0.7% year over year, and refunds processed totaled $458,702.
Finance Director Turk presented the village's mid-year financial report on July 7, saying the Village had collected $17,783,189 of $39,990,250 budgeted revenues through June 30 (44.5%) and expended $17,484,876 of $45,017,603 budgeted expenditures (38.8%). He noted the General Fund had realized 49.3% of revenues and expended 46% of its budget.
Turk focused on income tax components: through June, collections totaled $6,838,497, up $45,143 (0.7%) from 2025. Withholding was up 3.2%, while Individual and Net Profits were down 6.9% and 10.9%, respectively. He also reported $458,702 in processed income-tax refunds through June, including two corporate refunds totaling $244,000. Turk noted that an application to exempt a 0.51-acre parcel (50-00193) was approved on June 17, 2026 and that the village purchased a West Streetsboro Road property for $1,000 from the Summit County Land Reutilization Corp.
