October 2011 Earnings Tax Report

The September 2011 Earnings Tax Report (see 11/2/11 blog below) showed a whopping decrease of $1,390,642.56 or 12.04% from 2010. Fortunately, we were able to obtain an advance copy of this month’s report from the Earnings Tax Department and want to share the better numbers with our readers earlier than usual. There is an added in feature in the October report showing the difference between the actual collections through October vs. what was projected. Following the report are a few comments we solicited from Mayor Williams.

October 2011 Earnings Tax Report

Individual…………….$ 118,240.28
Business………………$ 532,387.06
Withholding…………..$ 1,115,197.18
TOTAL………………...$ 7,765,824.52

Collections thru Oct. 2011….……….....…...........$ 11,920,808.39
Collections thru Oct. 2010...............................$ 12,499,733.77
4.63% decrease in collections over 2010.………….($578,925.38)

Collections though October 2011.…………………......$ 11,920,808.39
Year-to-Date Projected Collections for 2011.……….$11,554,650.00
3.17% over YTD Projected Collections for 2011.…$ 366,158.39

Mayor Williams remarks:
The important number in the report is the projections. If it remains the same throughout the rest of the year, that along with reductions we negotiated with the unions earlier this year will be exactly what everyone hoped for. If these hold, they will show we are on the right path. This is what can happen when we all work together and we also work with businesses. I am optimistic, but I am cautiously optimistic.

I want to add that the Tax Department cannot legally disclose what any business or individual pays in taxes to the City.