8/10/16 – 7:30 A.M.
Fostoria’s Financial Planning and Supervision Commission met for the first time Tuesday. The Review-Times reports the goal of the group is to come up with a plan to get the city’s finances out of the red. They’re required to have that plan together within four months. The city has been placed under a fiscal emergency by the state.
This week’s meeting was mostly organizational in nature. Sharon Hanrahan of the Ohio Office of Budget and Management walked the group through the upcoming process. She said difficult decisions will have to be made over the coming months.
The next step in the process is for representatives from the state auditor’s office meet with city administration and department heads to discuss the city’s direction. They’ll also look at city departments operating expenses and capital needs for the next five years.
The next commission meeting will take place at 10:30 a.m. on November 2. The date was picked to allow committee members and city officials to create a five-year budget forecast.
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