Toledo Regional Chamber Of Commerce: Toledo Proposing Budget Adjustments Due To Higher Revenue Trends

Press release from the Toledo Regional Chamber of Commerce:

Tim Schneider

10/5/2021

​​​By Tim Schneider, Toledo Regional Chamber of Commerce Toledo City Council is expected to further review an ordinance that would make adjustments to Toledo’s current year budget at its session at 2:00 p.m. on Tuesday, October 5. The proposed adjustments are mainly a result of revenue trends for 2021 continuing to be higher than previously estimated by the city. ​The proposal estimates general operating fund revenues being $3,860,000 higher with the largest projected increases expected to be derived from local government funds from the state, casino revenue, investment earnings, permit fees, EMS fees, and Joint Economic Development District income taxes. Also proposed in the ordinance are $2,887,000 in increases to general operating fund expenditures with the largest increases allocated for supplemental fire department overtime, fuel spending, and funds to support neighborhood blight operations. In addition, the ordinance proposes writing-off $5,500,000 in unpaid utility accounts and absorbing $947,000 for restoration of utility service cuts within the city’s water treatment, sewer, and storm water operating funds. Toledo’s budget is supported by revenue generated from businesses and the Chamber will continue to monitor these trends. Toledo City Council meetings are held in Council Chambers at One Government Center located in downtown Toledo and can be viewed via video on the city's website.

This press release was produced by the Toledo Regional Chamber of Commerce. The views expressed here are the author’s own.