2016 tax collections surpass expectations for Youngstown

YOUNGSTOWN

The city ended 2016 with about $1.3 million more in income-tax and business-profit-tax revenue than anticipated at the beginning of that year, and city financial officials expect an even larger amount this year.

While tax revenues increased for the first time since 2013, the $41,587,900 collected in 2016 is close to what Youngstown collected in 2010 at the end of the Great Recession.

The city is moving in the right direction in terms of revenue, however, and is anticipating a 1.2 percent increase for this year compared to 2016, said Finance Director David Bozanich.

“It’s a conservative increase,” said Mayor John A. McNally. “If it’s more than that, that’s fantastic. We’re glad we’ve got the stability to increase our projection.”

The 2016 amount is better than the $40,869,160 collected in 2015, but still less than 2014’s figure of $42,878,600.

The city expects collections this year to be $42,010,000, he said. That’s $422,100 more than 2016’s income and business-profit revenue.

While 2016’s collection is an improvement, the amount is still be less than any other year since 2010 – except for 2015.

Read more about the financial situation in Wednesday's Vindicator or on Vindy.com.