| Monroe Out of Fiscal Emergency by 2007 |
| Tuesday, April 25, 2006 10:28:03 AM - Middletown Ohio |
Monroe, Oh -  "The Monroe Fund Deficit could be eliminated by our December 2006 meeting, making that our last meeting," said Paul Marshall, Commission Chairman, for the City of Monroe Financial Planning and Supervision Commission.
Photo: Paul Marshal from Ohio's Office of Budget and Management.
The Financial Planning and Supervision Commission was ordered by the State of Ohio's Auditors office in August of 2004 when the state ordered the City of Monroe into Fiscal Emergency.1
Monroe was over $6 Million Short
Deficits in 11 city funds totaling over $6 Million forced Betty Montgomery, Ohio State Auditor to skip over Fiscal Watch status and declare Monroe a Fiscal Emergency.
Fast Results for Monroe
While Monroe is in it's 2nd year of Financial Emergency, other cities and school districts have taken much longer. Most recently, East Cleveland spent more than 17 years in Fiscal Emergency. East Cleveland was removed from Fiscal Emergency earlier this year.2
Future Challenges for Monroe Financial Health
Being fiscally responsible will mean keeping a closer eye on the city finances than in the past. With the city's dynamic growth, projecting expenses and revenues for 5 years becomes a very difficult task. If the city is able to attract more commercial and industrial property buyers, the city would see higher revenues and lower expenses than if it attracts mostly residential buyers.
1. http://www.auditor.state.oh.us/whatsnew/Press/Release164.aspx
2. http://www.auditor.state.oh.us/WhatsNew/Press/Release285.aspx |
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