12/2/16 – 5:33 A.M.
Fostoria City Council is closer to a compromise on a plan to get the city out of the red. The Review-Times reports council members seemed to favor a quarter percent income tax hike beginning in 2017, as well as a 6-mill property tax increase.
If council adopts the measure, the city would get out of the red by 2019. By 2021, Fostoria could have a positive balance of more than $900,000. Currently, the city is projecting a $1.5 million shortfall for 2017.
Residents have to pass a levy for the property tax increase part of the plan to work.
Council is still considering eliminating a tax credit for people who live in the city but work somewhere else.
Discussion about the plan took place during a special Thursday meeting.
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