At a news conference this morning, Toledo Mayor Mike Bell announced that there would be a $326,000 surplus from 2011.
The year-end financial data, which has been sent to independent auditors for review, includes income tax revenue of $153.58 million.
The mayor pointed to the time when he took office in 2010 when the city was facing a projected $48 million deficit. He said part of the cost-cutting came from negotiations with unions, resulting in concessions.
"The city was not able to achieve this alone, our unions played a vital role that cannot be overlooked," Mr. Bell said in a prepared statement.
The 2011 financial data has been submitted to independent auditors for review. In 2012, the city is projecting $156 million in income tax revenues.
This is a developing story.