Toledo Awaits Budget Surplus for Fourth Consecutive Year

Toledo Awaits Budget Surplus for Fourth Consecutive YearToledo Awaits Budget Surplus for Fourth Consecutive Year Toledo, Ohio is on track to achieve a budget surplus for the fourth consecutive year, according to the city’s finance director. The surplus is projected to be $6.5 million, which will be added to the city’s reserves. “This is a testament to the city’s strong financial management and the hard work of our employees,” said Mayor Wade Kapszukiewicz. “We have been making difficult decisions to ensure that Toledo is on a path to long-term financial stability.” The city’s improved financial position is due in part to increased income tax revenue. Toledo has also benefited from state and federal grants, as well as cost-cutting measures. The budget surplus will allow the city to invest in its infrastructure, public safety, and economic development initiatives. The city is also planning to use the surplus to reduce its debt. “This is a great day for Toledo,” said City Council President Matt Cherry. “We are finally seeing the fruits of our labor, and we can now begin to address some of the city’s most pressing needs.” The city’s improved financial position has been praised by bond rating agencies. In 2022, Moody’s Investors Service upgraded Toledo’s bond rating from Baa1 to A3, citing the city’s strong financial management and stable economic outlook. Toledo is one of the first cities in Ohio to achieve a budget surplus for four consecutive years. The city’s financial success is a model for other municipalities facing financial challenges.