2018 Comprehensive Annual Financial Report Released by State of Ohio

 

The State of Ohio has released the annual audit that is an evaluation of the City of Toledo’s financial performance.  This 2018 report is the first full report of the Kapszukiewicz Administration. You can find the full report here: https://www.ohioauditor.gov/auditsearch/Search.aspx

Highlights include: 

  • The total general fund balance increased by $17.8 million to $40.5 million.
  • Of the total fund balance, $16.7 million was in budget stabilization.
  • There was only one finding in the report, compared to six in the 2017 report.  The 2018 finding was related to prior year balances that have since been corrected. 
  • The increase in the general fund balance is driven by continued revenue growth including income tax collections that were $1.8 million higher than budgeted.
  • Labor costs in total were under budget as the city benefited from lower worker’s compensation costs, health care costs and salary savings.

"While there is still more work to be done, there is no question that the City of Toledo is in a stronger financial position that it has been in years,” Mayor Kapszukiewicz said.