SIDNEY — The city of Sidney income tax collections for 2023 were 1.7% below 2022 collections. Tax collections, at the current 1.65% tax rate, supported 71% of the city’s 2023 expenditures in 2023. These dollars were spent or encumbered as follows: 28% police, 26% fire, 9% streets, 10% parks and recreation, 9% administrative services, 7% judicial, 5% community development, and 6% for various other services. These expenditures include both the operating and capital expenditures and encumbrances utilizing income tax collections.

Renee Dulaney, finance officer, has submitted the following report:

The remaining sources of other revenue available to cover city expenditures are property taxes (4%), fees and charges (5%), state-levied-shared taxes (6%), investment income (3%), administrative reimbursement (6%), and miscellaneous income (5%).

Property taxes are levied against all real and public utility property located in the city. Ohio law prohibits taxation of property from all taxing authorities in excess of 1% (10 mills) of assessed value without a vote of the people. Currently, the city’s share is 0.32% (3.2 mills) of assessed value.

Fees and charges consists largely of emergency medical services (EMS) fees and video service providers (VSP, formerly referred to as cable TV franchise fees). Other fees and charges include contracts with neighboring townships for fire and EMS services, police private security fees, building permits and contractor registration.

Components of state-levied-shared taxes include state-levied estate tax, liquor and cigarette taxes, and distributions from the State of Ohio’s Local Government Fund (LGF) – a special fund supported by portions of the State’s sales taxes, income taxes, and corporate franchise taxes. Approved for the 2024 State’s biennial budget bill was an increase in the percentage to allocate, but then the State reduced the total amount allocated resulting in no additional increase to the city’s share of revenue.

Cash balances are invested according to the City’s Investment and Deposit Policy. Interest is allocated to several funds per the city’s Statement of Financial Policy. The investment income is totally dependent on market conditions and higher rates in 2023 resulted higher investment returns.

The administrative costs allocated to proprietary services comprise of 6% of the 2023 revenue. The remaining revenue comes from various sources such as rebates or donations.

All financial documents can be found on the city’s website. This includes the 2024-2028 Five Year Plan as well as the 2024 adopted budget. The city also has a transparent site “Open Finance” to view detailed receipts and expenditures. The city’s Finance Department is committed to providing comprehensive financial data to our staff and residents alike.