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Council accepts year-end financial reports; directs adult-use cannabis excise tax revenue to general fund
Summary
Council accepted December and year-end financial reports, recorded a $235,000 fire and EMS transfer and adopted an ordinance placing adult-use cannabis excise tax receipts into the general fund; Director of Finance said the first local distribution was $89 for November 2025.
The Tallmadge City Council accepted the city’s December financial reports and related year-end summaries and approved an ordinance to deposit adult-use cannabis excise tax receipts into the city’s General Fund.
Clerk and finance staff noted a $235,000 transfer to the fire and EMS fund that was submitted on Dec. 30, 2025 and included in the December financial reports. After no questions from council, a motion to accept the reports passed 6–0.
Director of Finance Molly Gilbride explained revenue trends for the year: income tax finished about 1.02% ahead of last year, net profit tax collections lagged, and withholding increased roughly 2%, indicating higher wages and employment locally. She also noted unusually high interest earnings in 2025 that are expected to decline as the Federal Reserve reduces rates.
On cannabis revenue, Gilbride said the state’s adult-use excise tax allows distribution to municipalities that host retailers but provides no required use for those funds. She recommended and council adopted Ordinance 2026-14 to place those receipts into the General Fund to preserve flexibility. Gilbride told council the first distribution (for November 2025) was $89.
Next steps: Finance will show a separate intergovernmental-revenue line for cannabis excise receipts in the budget documents; any future use will require appropriation ordinance action by council.
