TOLEDO, Ohio — Toledo City Council members gathered in council chambers on Wednesday to continue discussions on the proposed 2025 city budget. The primary focus was on how taxpayer dollars are being allocated and whether certain departments should receive more funding. However, the evening’s conversation shifted toward concerns about the city’s financial stability, particularly the potential depletion of the budget stabilization fund, also known as the rainy day fund.
Councilmember George Sarantou raised a significant point of concern regarding the structural deficit in the fund. He warned that the city could face financial challenges if council members continue to approve funding without careful consideration of the future impact. Sarantou explained that the rainy day fund is currently spending more than it is receiving, a situation that could worsen if not addressed promptly.
“I just want members of council to realize that if we embark on programs which cost money, it is going to affect the deficit and ultimately we have to come up with revenue to support that,” Sarantou said during the meeting.
The budget presented to the council in November, which includes proposals from both the mayor’s office and city council, is now under review for potential amendments. While the council is considering changes, Sarantou emphasized the need for caution, urging his colleagues to stop approving amendments that would deplete the rainy day fund further.
The council’s discussions highlighted the delicate balance between funding city programs and ensuring long-term financial stability. Sarantou acknowledged that the council is capable of making informed decisions but stressed the importance of acting quickly to avoid jeopardizing the city’s financial future.
The council is aiming to take a vote on the 2025 budget by January 28, with a state-imposed deadline for approval set for March 30. Members of the council are hopeful that the budget can be finalized without further straining the city’s finances.