Toledo Mayor announces budget surplus; Where will the $$$ go?

Bell and other city officials announce the surplus during a press conference on Tuesday.

During a Tuesday morning press conference, Mayor Mike Bell (I) announced that the City of Toledo had achieved a balanced budget and managed to accumulate a $326,000 surplus.

"I think people are starting to understand what we have to do here if we're going to be successful as Toledoans," Bell said.

Bell gave thanks to those in city government, he said, helped make the tough cuts needed to "turn this ship around."

The Mayor also recognized "the unions" and taxpayers for making the "necessary steps" to get the Glass City back in the black.

According to Bell, when he took office in 2010 the City of Toledo was $48 million in debt.

He added that the extra cash will go into a "budget stabilization" account and will be used as a rainy day fund.