Fiscal stability: Detroit vs. Toledo - Toledo News Now, News, Weather, Sports, Toledo, OH

Fiscal stability: Detroit vs. Toledo

(Toledo News Now) -

Comparisons are often made between Toledo and Detroit due to the proximity of the two cities and their ties with the auto industry. However, when it comes to fiscal stability, one city is declaring bankruptcy and the other is not.

The bottom line, according to Toledo Mayor Mike Bell, is that Toledo leaders have been able to make some tough decisions to keep the city on stable financial ground.

"People were taking a politically comfortable position in Detroit, and we were taking a hard stand position here, where we needed to turn this place around," Bell said. "When we privatized our refuse, we saved. Those are just common sense things you have to do."

Councilman George Sarantou says voters and city workers also deserve credit.

"We have avoided going into debt because voters gave us permission to use our capital improvement budget to pay our general fund expenses. That's helped us," he said. "Another factor: All of our employee bargaining units have made concessions."

As far as long-term debt is concerned, this year's city budget, all funds included, totals $609 million. Of that, $51.5 million is for debt service payments. The city has $650 million in long-term obligations, a situation which has the city in good standing with Wall Street.

"They maintained the high rating we have, and that is with a stable outlook," said Sarantou.

"We are able to get loans at a discounted rate than a lot of other cities in America. I think we're doing things right," said Mayor Bell.      

Mobile users, click on the "Video" button in the app to watch this story. Download our app here.

Copyright 2013 Toledo News Now. All rights reserved.

  • Fiscal stability: Detroit vs. ToledoMore>>

  • CONNECT WITH US

    CONNECT WITH US

    LIKE us on Facebook - Follow us on Twitter -  Get Text & Email Alerts - Download our Apps - Send us photos & videoMore >>
    LIKE us on Facebook - Follow us on Twitter -  Get Text & Email Alerts - Download our Apps - Send us photos & videoMore >>
  • Headlines from Lucas, Wood, Ottawa, Fulton & Monroe CountiesNewsMore>>

  • Frogtown Regatta will go on as scheduled despite toxic water

    Frogtown Regatta will go on as scheduled despite toxic water

    Friday, September 22 2017 7:49 PM EDT2017-09-22 23:49:08 GMT
    Rowers practicing for 2016 regatta (Source: WTOL)Rowers practicing for 2016 regatta (Source: WTOL)

    Come Saturday morning, more than 12 hundred rowers will be in the Maumee River and the Toledo Rowing Club is breathing a sigh of relief that the Frogtown Regatta will go on as planned.

    More >>

    Come Saturday morning, more than 12 hundred rowers will be in the Maumee River and the Toledo Rowing Club is breathing a sigh of relief that the Frogtown Regatta will go on as planned.

    More >>
  • Lucas Co. commissioners remove jail levy from ballot, Toledo mayor responds to ongoing feud

    Lucas Co. commissioners remove jail levy from ballot, Toledo mayor responds to ongoing feud

    Friday, September 22 2017 6:50 PM EDT2017-09-22 22:50:11 GMT
    (Source: WTOL)(Source: WTOL)

    Commissioner Pete Gerken said they know the levy will not pass without a site and that it's disturbing they couldn't reach an agreement with the city on the impound lot. 

    More >>

    Commissioner Pete Gerken said they know the levy will not pass without a site and that it's disturbing they couldn't reach an agreement with the city on the impound lot. 

    More >>
  • 2017 Komen Toledo Race for the Cure - Weather

    2017 Komen Toledo Race for the Cure - Weather

    Friday, September 22 2017 6:25 PM EDT2017-09-22 22:25:40 GMT
    (Source: Susan G. Komen of NW Ohio)(Source: Susan G. Komen of NW Ohio)

    This year's Race for the Cure in Findlay is taking place right in the middle of a September heat wave. Temperatures at race time will be in the 70s. By midday expect temperatures in the mid-to-upper 80s under bright sunshine. This would be a hot and oppressive day right in the middle of summer, let alone in late September.  Be sure to prepare for the conditions by drinking plenty of fluids and considering wearing a wide-brimmed hat and sunglasses.

    More >>

    This year's Race for the Cure in Findlay is taking place right in the middle of a September heat wave. Temperatures at race time will be in the 70s. By midday expect temperatures in the mid-to-upper 80s under bright sunshine. This would be a hot and oppressive day right in the middle of summer, let alone in late September.  Be sure to prepare for the conditions by drinking plenty of fluids and considering wearing a wide-brimmed hat and sunglasses.

    More >>
Powered by Frankly