City’s income tax revenue falls again

City manager says February tally was down 6 percent, far  more than expected.

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By Joanne Huist Smith, Staff Writer Updated 4:58 PM Thursday, March 11, 2010

DAYTON — City Manager Tim Riordan gave the City Commission fair warning that income tax revenue has fallen below projections for the second month in a row.

“We were thinking we would be down about 2 percent,” said Riordan, at the close of the City Commission’s weekly business meeting on Wednesday, March 10. “We were down 6 percent. “We wanted to get an early warning out as soon as possible.”

Riordan said income tax is the city’s most volatile source of revenue and represents about two-thirds of all city revenue.

City budget staff are finalizing February figures and will be providing details to city commissioners at a financial briefing scheduled for March 24.

FilmDayton lease, Quickstep grant

In other business, FilmDayton will be leasing space in the Dayton Convention Center to promote the growth of the film industry in the region. The nonprofit organization will pay the city $2,000 for the office space. The lease agreement, also approved by the City Commission Wednesday, expires on Feb. 1, 2011, according to city records.

The goal of FilmDayton is to support local filmmakers with grants and other opportunities; assist efforts to bring outside film companies to Dayton; create a film festival and related events that will appeal to a general audience as well as filmmakers and film students; create a central Web portal that provides information on regional film festivals, events and opportunities.

The City Commission also approved a $25,000 Development grant for Quickstep Composites located at 3251 McCall St.

Quickstep, founded in Australia in 2001, is a leader in composite materials processing for the aerospace and defense industries.

The company will invest $910,000 at its current site to buy and install machinery. The company also will be making improvements to its offices, including telecommunications and networking updates.

Within three years, the project is expected to create about 20 jobs with an average salary of $63,400.

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