Youngstown finance director: Tax revenue worse than expected

YOUNGSTOWN — This year’s Youngstown tax revenue, already expected to be less compared with 2014, will be even worse, said city Finance Director David Bozanich.

And it’s definitely not going to improve next year, he said.

“It’s a tough economic environment,” Bozanich said. “We’ll be lowering the projections for 2015 and 2016. Next year is going to be very challenging.”

The city had budgeted $43,401,900 in income-tax and business-profit-tax collections last year, but finished with $42,878,600 – a $523,300 reduction.

Trying to be more conservative, the city budgeted $41 million for this year. That’s a 4.4 percent decrease from 2014.

Bozanich said the city wouldn’t reach that amount.

An evaluation as to how much will be lost this year should be finished in about a month, he said.

Bozanich made the statements tonight during a city council finance committee meeting when Councilwoman Janet Tarpley, D-6th, chairwoman of that committee, asked about the impact layoffs at Vallourec Star would have on the city’s budget.

For the complete story, read Thursday's Vindicator and Vindy.com