GALION, Ohio – The Galion Financial Planning and Supervision Commission met to discuss city finances this morning as well as how soon the city can be released from fiscal emergency.
Financial Supervisor Belinda Miller from the state auditor’s office said the city needs to achieve about six months of financial consistency before requesting release from emergency status. The required recovery plan which is drafted by the city auditor’s office, with oversight by the state auditor’s office, shows all fund balances in the black five years out.
The city auditor’s office has been working to put into place new policies and procedures to bring them in line with what the state has requested. Continuing gains have been made this year in getting the city out of fiscal emergency. The biggest, a loan from the Freese Foundation, was paid in full Dec. 1.
Other strides include improved accounting practices, fund balances in the black by the end of the year, and accurate appropriations with fund balances showing three to six months carryover.
The commission approved the recovery plan, which details the city’s fiscal plans for the next five years.
The commission was formed soon after the state of Ohio placed the city of Galion on fiscal emergency in 2004 when city administrators discovered that over $10 million in city funds were missing or misappropriated. The commission is composed of members of the Ohio state auditor’s office, city elected officials and three Galion citizens. The commission meets quarterly.
Members of the Galion Financial Planning and Supervision Commission present were resident Ken Barker, resident Jim Graff, Chairman Sharon Hanrahan, Mayor Tom O’Leary, Council President Carl Watt, Dan Risko from the state treasurer’s office and resident LaMar Wyse. Clerk of Council Julie Bell served as clerk for the commission. City Auditor Brian Treisch was present to answer any questions about the recovery plan or five-year forecast. Councilman Tom Fellner was also present.
The next meeting of the commission will be Wednesday, April 22 at 9 a.m. in council chambers.
