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Income Tax For 2007 Off By About $400,000 Archbold municipal income tax will end 2007 down by about $375,000 to $400,000, said Joan Lovejoy, village finance director. At the end of November, the village municipal income tax had generated $4,408,133.85, which is down $424,210.11, or about 8.78% from the same January through-November time period in 2006. That year, the tax brought in $4,832,343.96 for the 11-month period. In November, tax revenue was up. The village had gross receipts of $684,000.48, compared to $680,674.34 in November 2006. The difference is $3,326.14, or about 0.489%. Lovejoy said she is not anticipating any further large tax payments between now and the end of 2007. Park Board The decline in income tax revenue will impact Park Board, which uses money generated from the 1.5% tax for debt service payment. Jennifer Kidder, parks and recreation director, said the effect of the decline in revenue means the board won't be able to pay off the debt on the Woodland Park project as quickly as it hoped. "I had hoped to do $250,000 a year. We weren't quite able to do that this year, but we still made a substantial payment," she said. "It might take a couple of extra years" to pay off the debt, she said. The decline in revenue won't impact the park board programs. "Definitely not. We look at doing things differently before we make any cuts that will affect the kids," Kidder said. Cut Back Lovejoy said the village is not dependent on income tax revenue to pay for capital projects. The only impact the reduction in revenue will have is to decrease the amount of money available for street reconstruction, storm sewer improvements, etc. "We can cut back expenses in that area," she said. Lovejoy said, "Hopefully, next year will be better."- David Pugh Village of Archbold Municipal Income Tax Receipts
Information provided by Village of Archbold Income Tax Department, as provided to Archbold Village Council; monthly figures represent gross income tax receipts received from the village's 1.5% income tax during the month, plus the same month one year ago; Year-to-date figures are for income tax collected during the indicated years, from Jan. 1 to the end of the month indicated. |
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