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City issues updated income tax projections for 2011

The city of Toledo finance department today announced its updated 2011 income tax revenue projections. After receiving $144.6 million in 2010, Toledo is expected to generate $146.9, an increase of $2.3 million over 2010 and up $1.4 million from initial projections made in October 2010.

“These income tax figures reflect our belief that we will continue to see modest growth in our regional economy throughout 2011,” said finance director Patrick McLean. “We are a long way from our high water mark, but we are moving in the right direction.”

The city’s income tax revenues peaked in 2007 at $169 million.

”A year ago, we predicted that it would take us 12 to 18 months to roll out of this downturn,” said Mayor Bell. “It seems we’re right on track, but not out of the woods yet. We’ve still got a few months of belt-tightening ahead of us.”
These new figures will partially offset an anticipated carryover deficit from 2010 that must be covered by the 2011 budget.