TOLEDO, OH (Toledo News Now) - For the first time in recent years the City of Toledo is not operating with a deficit. Mayor Mike Bell says the city anticipates a $326,000 surplus from the 2011 budget, with figures being reviewed by an independent audit.
In 2009 there was an $8 million carryover deficit, and in 2010 that amount was $8.6 million. A key factor towards ending 2011 in the black was the sale of the city parking garages to the port authority.
"In effect we took one time money from a sale, used it to apply to a one time debt, that's the carryover. It's like paying off your credit card," says Toledo Finance Director Patrick McLean.
Mayor Bell says this paves the way for the city to be able to execute the 2012, which includes a new police class, a fire class, and repaving 40 residential streets:
"The most positive about this is we're not working from a deficit position. Now we can start to focus on high quality of life issues people have such as repairing the roads, hire more police officers."
The 2011 surplus will be placed into the city rainy day fund. Bell and McLean say they're optimistic 2012 will also close out in the black.