Tuesday, May 22, 2018
One of America's Great Newspapers ~ Toledo, Ohio


Mayor Bell announces city of Toledo's $5M surplus


Toledo Mayor Mike Bell

Enlarge | Buy This Image

The city of Toledo came out ahead $5 million at the end of 2012, Mayor Mike Bell announced today.

“We have come a long way from where we started when I took office in 2010,” Mr. Bell said in a statement. “This city faced a $48 million budget deficit and that required us to make a lot of difficult and unpopular decisions over the last four years. If we had done nothing, we would be in the same position as Detroit of Cincinnati.”

The $5 million “positive general fund balance” came from 2012 spending running $6 million below expectations; revenues running $3 million over budget, and taking $4 million less out of the city's capital improvements budget than expected.

The city had intended to use $13 million from the CIP budget but only had to take $9 million, said City Finance Director Patrick McLean said. “That is how we come to $5 million,” he said.

The revenues were up chiefly from greater-than-expected income tax collections last year, Mr. McLean said.

The city last year took in $158.52 million from the 2.25 percent income tax, up from $153.58 in 2011 and $144.58 in 2010.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2018 Toledo Blade

To Top

Fetching stories…