The Toledo Finance, Debt & Budget Oversight Committee convened on June 25, 2025, to review the May revenue and expenditure reports, led by Director of Finance Melanie Campbell. The meeting began with Campbell introducing key officials, including Tax Commissioner John Zavisha and Accounts Commissioner Tom Buckley, who provided insights into the city's financial performance.

Zavisha presented a detailed analysis of income tax collections, noting a decline in withholding tax for May, which fell by nearly $400,000 compared to the previous year. This decline has resulted in a year-to-date decrease of approximately $440,000, or 0.7%. Withholding taxes typically account for over 75% of total revenue, making this trend a point of concern for the committee as they monitor potential long-term impacts.

Conversely, business net profits showed a positive trend, with collections up nearly $3 million for May and a total increase of $3.6 million for the year. This growth is largely attributed to the top five net profit companies, which contribute over 40% of the business tax revenue. Zavisha emphasized the importance of tracking these figures, as they are based on estimated payments rather than exact amounts.

Individual net profits experienced a slight decrease of over $500,000 for May; however, they remain up by $358,000 year-to-date. This fluctuation was partly attributed to a recent switch to a lockbox system, which expedited the deposit of funds into the bank.

Overall, Toledo's revenue collections have increased by $3.5 million, or 4.3%, compared to last year. The committee will continue to monitor these trends closely, especially with second-quarter estimates due on June 15, which will provide further clarity on the financial landscape moving forward. The meeting concluded with a commitment to keep a vigilant eye on these developments as the city navigates its fiscal challenges.