Mayfield Heights Reports 2012 Budget Surplus
The finance director says the city will end the year in the black.
Mayfield Heights will close 2012 with an excess of revenue over spending, city Finance Director Robert Tribby told council members recently. The original budget underestimated revenue and over estimated cost. Total revenue is currently $19.1 million. “We have exceeded the original total year’s revenue projections by $175,000,” Tribby said. The positive balance was due to income tax, which exceeded previous collection projections, he said. However, the city did overestimate the estate taxes by $300,000, which will be eliminated on Jan. 1, 2013. The city collected a total of $857,175. Mayor Gregory Costabile said he is proud of the city's achievement in light of some revenue streams disappearing. “I am especially proud for being in the …
