ANOTHER tax levy?
1. UA is already $1.6 million in the black this next fiscal year and on course to be $2.5 million for the year. If you include the $1 million budget adjustment done in July, UA is $2.6 million in the black and could be $3.6 million by the end of the year.
2. The rainy day fund increased by $4.7 million in FY 2012.
3. The rainy day fund has been between $15 million and $19 million between 2005 and 2012, and is currently over $15 million. This represents an operational coverage ratio of 45-51%. The law requires a coverage ratio of 30%. The point here is that during the economic downturn when it was raining, the City never really tapped the rainy day fund.
4. Income tax collection has increased four of the past five years and the City has had record collections for two of the past three.
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Copyright 2014. Paid for by CITIZENS FOR FAIR TAXATION, Terry McKee, Treasurer, 4500 Langport Road, Columbus OH 43220. All rights reserved.