$3.5 million left after transfer to balance Toledo's budget - 13abc.com Toledo (OH) News, Weather and Sports

$3.5 million left after transfer to balance Toledo's budget

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 $3.5 million; that's how much money the city has left over after a transfer to balance the 2014 budget.

"This is good news," city finance director, George Sarantou said.  Expensess were kept down and we did come out ahead of this.  We're taking very seriously our mission and that is to reduce the dependency on the capital improvements budget."

In March, city council passed a budget that included the transfer of $14.1 million from the CIP to the general fund to balance the books.  But the city only used $10.6 million.

That means there is a bit of a safety net left for the 2015 CIP budget.

"Fundamentally, that really allows us to use that money, more so in the future for more street paving and keeping our streets in much better shape," Sarantou said.

However, he says there won't be any new road projects this year because it's so late in the season.

But this announcement already has some council members thinking.

"You can always find something to spend money on," Councilman Larry Sykes told 13abc.

Sykes says there will likely be a lot of different ways to spend the money.

Right now, the administration's focus is on infrastructure.

"When you talk about blight, talk about crime and you talk about streets, there is always a need," Sykes said.

One thing that is known, for sure, is that the administration wants to put $1 million back into its rainy day fund. 

But council will have to sign off before any money is moved.

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