City of Toledo reports 2012 surplus of $5 million - Toledo News Now, Breaking News, Weather, Sports, Toledo

City of Toledo reports 2012 surplus of $5 million

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Toledo Mayor Mike Bell Toledo Mayor Mike Bell
TOLEDO, OH (Toledo News Now) -

Pointing to higher than expected income tax revenues and city departments holding the line on expenses, Toledo Mayor Mike Bell announced on Thursday the city closed out the 2012 general fund budget with a $5 million surplus.

The mayor says that report will be reviewed by independent auditors and the state, which shows total income tax revenues came in at $158.5 million. He also says total expenses came in around $6 million below the budgeted amount.

By ordinance, half of that surplus will go into the city's rainy day fund, the budget stabilization fund, and it'll be up to the mayor and council to decide what to do with the other half of the surplus.

"We have made recommendations to our engineers to see if some of this money could possibly, if it can be freed up, we would use it toward more construction of roads inside the City of Toledo," says Mayor Bell.

Councilman George Sarantou says he believes this should spark debate about having an additional police class.   

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