Director of Finance Candy Campbell told the Toledo City Council Finance, Debt and Oversight Committee on a monthly meeting that December financial results are preliminary and unaudited and that the city currently projects $238,700,000 in overall income tax collections for the fiscal year.

Campbell said the year-end closeout process — including accruals, internal service fund adjustments, actuarial entries for healthcare and workers' compensation and compensated-absence adjustments — will continue over the next several months and will affect final figures. "These numbers are still preliminary and unaudited," Campbell said.

Tax Commissioner John Zavisha told the committee the withholding category was up $1,965,000 (13.2%) for December and that city staff currently are projecting overall income tax collections of $238,700,000. Zavisha and finance staff described the "thirteenth period" timing effects that can shift collections month to month, noting a large December withholding bump that will reverse in the thirteenth period.

Zavisha said the city's IRS collections unit posted a strong month in December, collecting about $6,500,000 — a new record compared with roughly $5.48 million the prior year — after changes in how collection letters were sent and budgeted staffing authorized in the 2024 budget. Business net profits were approximately flat for December, down about $45,000 (1.6%), while the individual-category collections were up about $147,000.

On refunds, finance staff said the budgeted tax-refund estimate moved from about $4.8 million to roughly $5.4 million and could move slightly higher as large individual refunds have been processed. "We have gotten some six‑figure refunds and that will go against that number," Campbell said.

On revenues and expenditures across funds, Campbell said preliminary December general-fund revenues are at about 95.6% of the total budget estimate, with property taxes at about 102% and licenses and permits catching up to roughly $3.4 million of a $3.5 million budget. Investment earnings have been strong year to date, and certain quarterly receipts (for example, cable franchise fees and a fourth‑quarter casino payment) remained outstanding in the December report.

On expenditures, the general fund was also at about 95.6% of budget through December. Labor-cost variance (including salary‑savings targets) showed a roughly $300,000 favorable variance and overtime was about $1.3 million favorable to budget. Staff stressed those numbers will change as year-end internal-service fund closeouts and actuarial adjustments are completed.

The committee reviewed capital and ARPA reports. Campbell said the city met the December 2024 obligation deadline for ARPA funds and that about $49,600,000 remained to be spent; staff noted the deadline to expend ARPA dollars is the end of 2026. The 2024 budget included about $17,900,000 in ARPA reimbursements to the general fund for public-safety costs, which the finance report records as complete for the year.

Committee members asked about the 2025 budget balance. Finance staff confirmed a planned transfer of $24,000,000 from the capital improvement program (CIP) to the general fund is included in both the 2024 and 2025 budgets and noted the transfer level is constrained by a voter-approved limit. Campbell and council members said the remainder needed to balance 2025 will come from the budget stabilization fund — roughly $24.4 million — putting the total draw from CIP plus the stabilization fund at about $48 million to meet the requirement to balance the budget under state rules discussed in the meeting.

Staff told the committee they will continue the year-end closeout and produce trial balances in early April and will update the CIP project closeout list and the 2025 CIP projects in upcoming meetings.

No formal votes or ordinances were taken during the portion of the meeting covered in the transcript.