The city of Findlay is feeling the vise grip of a budget crunch and expect things to get tighter after a 1/4%, 3-year, income tax is scheduled to sunset at the end of this year. City council will mull over the option for a new income tax. For weeks city officials have been debating whether to go to voters and ask for another income tax. One step in the process for council is to see where the finances stand and where they may head. Auditor Jim Staschiak went over the mid year finances with council. The estimated revenues for 2012 is $25,484,000. The mid year revue has them just over the mark.
"Nothing really out of line that we're concerned about with respect to 2012. It looks like also we will have a wind fall with our estate tax again this year." said Staschiak. There have been many options thrown out. Doing a 1/4% income tax, making it a 1/2% income tax. And the length of the tax, permanent versus temporary. Findlay Mayor Lydia Mihalik said "when your expenses are growing at twice the rate of your revenue growth you've got an issue so regardless we put a quarter percent on the ballot and it passes or we put a half percent on the ballot and it passes at some point we're going to run out of money."
Findlay may be on track for this year, but the year beginning cash balance is due to hit zero in early 2013 without a 1/4% tax and do the same at the beginning of 2014 with a 1/4% tax. "When we don't have balanced budget. We eat into our reserves and we eat into our reserves. We end up with no cash and we're not allowed to do that per the ORC." said Mihalik. City council will discuss in depth at a special council meeting on July 31st which tax, if any they plan to vote on. The deadline for a decision and placing the tax on the November ballot is August 8th.
