Archbold municipal income tax will probably generate less revenue for the Village of Archbold than it did in 2009, but it may beat expectations, said Dennis Howell, Archbold Village administrator, during the Monday, Nov. 8, Archbold Village Council meeting.
Based on the sputtering economy, Howell and other village officials estimated revenue from the 2010 collection of the 1.5% tax on income and corporate profits would be 10% less than the $3,667,142.37 collected during 2009. That would have put the total tax collection at about $3.3 million.
But, the year-to-date gross tax collection from Jan. 1, 2010, to Oct. 29, 2010, was $2,841,580.74, just about 7%, or $212,407.15, behind the same year-to-date period in 2009.
From January 1, 2009 through the end of October 2009, the income tax raised about $2.84 million.
Collections for the month of October 2010 were $3,355.91, about 1.5%, behind October 2009.
The amount of tax money collected during October 2010 was $222,427.31; for October 2009, the collection was $225,783.22.
Revenue generated by Archbold’s municipal income tax peaked in 2006, when $4,876,555.99 was collected.
Each year since, total col- lections have fallen off. In 2007, about $4.47 million was brought in. In 2008, total collections were roughly $4.19 million.
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.