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Mayor To Give Update on Next Steps for Balanced Budget

 Mayor Michael P. Bell will hold a press conference today, March 29th at 3:00 p.m. on the 22nd Floor in One Government Center to provide an update on the next steps in the City’s ongoing budget process. 

With the clock ticking to pass a balanced budget by the state-imposed March 31st deadline the Mayor and his Directors have identified and made nearly $20 million in administrative cuts.  Last week the Firefighters Local 92 voted to accept concessions amounting to approximately $3.3 million, helping to reduce the current state of the deficit to $25 million, down from an initial $48 million.
The remaining deficit must be eliminated by March 31st.  Mayor Bell has submitted multiple proposals to Toledo City Council for action, including revenue enhancements, imposed union concessions for those who have opted not to contribute to the solution, and a ballot measure to transfer money from the Capital Improvements Program to the General Fund.  Council has stated they do not plan to act on any of the revenue or concession measures until at least March 30th and has also scheduled a special meeting for March 31st.
 What:            Mayor Bell to give budget update
 When:           Monday, March 29, 2010 at 3:00 p.m.