NILES, Ohio (WKBN) – Niles officials took the first step Monday to eliminate its current deficits and come up with ways to avoid future financial woes.
The state placed Niles in fiscal emergency last fall after an audit turned up deficits of more than $1 million across many departments. Monday’s meeting established the commission that will devise a recovery plan.
It consists of both local and state officials.
“The goal of the commission is to make sure the city has a financial recovery plan that is reasonable, that is bona fide, that has an ability to succeed,” Sharon Hanrahan of the Ohio Office of Management and Budget said.
While there is no deadline for Niles to get out of fiscal emergency, it does have 120 days from Monday’s meeting to have a financial recovery plan in place.