Toledo set to finish third year in the black - News, Weather, Sports, Toledo, OH

Toledo set to finish third year in the black

TOLEDO, OH (Toledo News Now) -

With only two weeks left, there's still one main job for the Bell administration, and that's making sure the city finishes the year in the black.

Toledo City Council on Thursday received its final monthly financial update from the Bell administration, and what they were told is for the third straight year, the city's on track to finish the year with a positive fund balance.

"Revenues are on target with our original projections. The city will end the year with what we believe to be about a million dollar surplus," said Deputy Mayor Steve Herwat.

The latest finance department report shows through November of 2013, tax collections totaled $131.1 million, a 0.49 percent increase from 2012.

Herwat says much of the projected surplus can be chalked up to holding the line on police and fire expenses.

"Overtime exceeded what we originally budgeted, but other savings within the departments of both police and fire will bring their bottom line to the original budget," he said.

Herwat says keeping the city on budget three years in a row is something city leaders can be proud of.

"Walking in the door 2010, hard decisions had to be made," he said. "Mayor Bell made those decisions, in concert with city council who had to approve a budget based on those decisions."

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Copyright 2013 Toledo News Now. All rights reserved.

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