NeighborWorks Toledo CEO urges city council to prioritize financial wellness funding

Toledo's Housing and Community Development Committee meeting on July 10, 2025, highlighted significant discussions surrounding funding for local economic development initiatives. A key moment came when William Farnsell, CEO of NeighborWorks Toledo, addressed the committee, emphasizing the importance of financial wellness programs in fostering economic stability for households in the city.

Farnsell pointed out the stark contrast between Toledo and other cities, such as Columbus, which recently announced a $900 million plant creating 4,000 jobs. He noted that Toledo has not seen similar large-scale economic developments, making the work of organizations like NeighborWorks even more critical. The organization focuses on empowering individuals through financial education rather than providing direct aid, helping families improve their economic situations.

During the past year, NeighborWorks Toledo filed over 700 tax returns, bringing nearly $1 million back to local families. Farnsell reported that the average job improvement for those they assisted resulted in an increase of $14,000 per household. Additionally, clients saw an average increase of 50 to 60 points in their credit scores and a reduction of about $1,000 in household debt.

Farnsell urged the committee to consider the budget presented by the department, which he described as well thought out and deserving of support. He called for a more proactive approach to funding, moving beyond the limitations of a "Hobson's choice" where funding is often denied due to budget constraints.

The discussions at this meeting underscore the ongoing efforts to enhance economic development in Toledo through community-focused initiatives. As the city navigates its financial landscape, the commitment to supporting organizations that empower residents remains a crucial aspect of fostering long-term economic growth.