Collins releases proposed $245.8M city budget for 2015Written by Tom Konecny | | firstname.lastname@example.org
Mayor D. Michael Collins unveiled Toledo’s proposed $245.8 million 2015 operating budget today, one that will await public and City Council review, with a requirement to be passed as balanced by March 31.
“I remain confident with our dedicated workforce that this budget is one that is realistic and attainable,” Collins wrote in an introduction to the budget. “We will face some difficult decisions as it relates to our limited resources but I believe that a continued focus on public safety and other core services will best serve our community.”
Among other budgetary items, it includes new police and fire classes for next year.
It also reflects a reduction in the transfer of funds from the Capital Improvement Fund to the General Fund to support operating expenditures. Previous budgets relied on as much as a $14.1 million transfer; the 2015 proposed transfer is $11 million, which the Collins administration believes will contribute to long term fiscal stability and maintaining or even improving the city’s bond ratings.
One of Collins’ priorities was to eventually eliminate the transfer while focusing on core services that are “needs” versus “wants,” he wrote.
Human capital costs represent 65 percent of the proposed general fund budget.
Collins also anticipates a slight increase in revenue, from an anticipated $245.3 million in 2014 to $245.8 million in 2015. The higher revenue relies on increased collection efforts of past due income tax, and red light camera fines.
“Despite some of the challenges we face, our future still remains bright with a number of projects expected to take form in 2015 and 2016,” he said.
Departmental budget hearings before City Council will occur between now and Feb. 3.
Read the full budget online at toledo.oh.gov.
City of Toledo 2015 Proposed Operating Budget:
City of Toledo 2015 Proposed Operating Budget (detailed):