Niles expects drop in income tax receipts for this year

NILES — Job losses and industrial cutbacks have caused the city’s income tax receipts to drop substantially, and Treasurer Robert Swauger said he expects the trend to continue.

“It’s lower than expected, and we could be down by 10 percent from last year,” Swauger told council tonight. “We were down $400,000 in 2008 from the 2007 collection, and we could be off by as much as $500,000 more by the end of this year.”

The forecast means the income tax would only generate about $5.4 million by the end of this year, substantially less than the high of $6.3 million collected in 2007.

For the complete story, see Thursday’s Vindicator and Vindy.com