Yellow Springs Expects a Tax Loss of $140,000 with Antioch Closing
By Christopher Magan, Staff Writer, Dayton Daily News, Tuesday, August 07, 2007
YELLOW SPRINGS — Village and school officials expect about $140,000 of income tax revenue to disappear when Antioch College closes next year.
The village government will see the biggest loss. Village Administrator Eric Swansen said he expects to lose $100,000 in income tax collections when the college closes its doors next spring and 160 jobs and 300 students leave town.
Yellow Springs raises about $1.25 million each year from a 1.5 percent income tax. The village general fund budget is about $1.5 million.
“It’s obviously a concern that is going to have to be addressed,” said councilwoman Karen Wintrow.
Villagers barely passed an 8.4-mill property tax levy in November 2006 to help the government keep up with growing expenses and aging infrastructure.
Wintrow worries some village amenities could suffer because of the loss of revenue.
“For a community our size we offer a lot of services,” Wintrow said, citing a large park system and one of the area’s few public pools as an example.
The Yellow Springs Exempted Village School District won’t feel the same impact as the municipal government while the college is shut down.
The district, which has a $7.3 million operating budget, raises about $1.2 million a year from a 1 percent income tax.
Superintendent Norm Glismann said the district may only lose $40,000 of income taxes when the college closes.
“That’s if everyone lost their job and moved out of the area,” Glismann said.
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