Kent’s income tax revenue continues to rise as more new businesses open downtown and Kent State University sees additional enrollment growth.
Six of the first seven months of 2013 saw higher income tax collections when compared with the first seven months of 2012.
The only month this year that did not exceed the previous year’s collections was January, which saw $897,977 in total collections—17.3 percent lower than the January 2012 figure of nearly $1.1 million.
The monthly increases from 2013 to 2012 are: February, 14 percent; March, 14.88 percent; April, 7.3 percent; May, 5 percent; June, 15.7 percent; and July, 0.62 percent, according to the Kent Budget and Finance Department.
The regular increases coincide with boosts in income tax revenue from Kent State employees this year. The first five out of seven months of 2013 have shown increased collections from the university compared with the first seven months of 2012.
The increases could put the city on track to surpass the total income tax collections for all of 2012, when Kent collected slightly more than $12 million—the most in the past five years.