Public safety is always a top financial priority. In 2025, the City finalized new three-year collective bargaining agreements with Police, Fire, and EMS unions that increased wages and enhanced Cleveland’s ability to attract and retain qualified professionals. At the same time, the administration implemented innovative financing strategies that enabled the restoration of all city police stations within one year while minimizing costs and preserving borrowing capacity. Continued investments in modern equipment and technology further support safe and resilient communities.
Beyond these efforts, the administration’s financial record includes several noteworthy achievements: the strategic allocation of $511 million in American Rescue Plan Act funding to projects benefiting Cleveland residents; six credit rating upgrades across the City’s bond portfolio; more than $250 million in awarded grant funding for lakefront development; timely ratification of multi-year labor agreements covering more than 80 percent of the City’s 30-plus unions; and the launch of the $1.6 billion renovation of Cleveland Hopkins International Airport.
As the review of the 2026 Mayor’s Estimate Budget approaches, the City must balance the positive outcomes of recent years with cautious optimism for what lies ahead. Many leading economic indicators suggest continued strength, but risks remain. Revenue sources can fluctuate, external funding may decline, and costs are expected to rise. While the proposed budget is solid, it is not immune to these pressures. Close monitoring of financial trends will remain essential.
Looking ahead, the Bibb Administration will continue to build on the progress of the past four years with fiscal discipline and adaptability. While uncertainty presents challenges, it also creates opportunities to strengthen Cleveland’s financial foundation.
As Chief Financial Officer, my focus remains on responsible, transparent stewardship of City resources to support long-term stability and growth for residents, businesses, and investors.
Paul Barrett, CFA, CIPM, is Chief Financial Officer for the City of Cleveland.