City of Akron
Auditor of State Dave Yost declared the City of Akron to be in a state of fiscal caution on September 30, 2011 due to deficit fund balances, negative cash fund balances, appropriations exceeding available resources, and failure to properly certify estimated resources. Under the declaration and Revised Code 118.025, the city had 60 days to submit to the Auditor of State a plan to correct the budgetary conditions that led to the declaration of fiscal caution, including eliminating deficit fund balances.
The Auditor of State received the City of Akron’s proposal to address the fiscal caution conditions on November 29, 2011. However, the Auditor of State responded that although the city’s proposal was a beginning, it lacked substance and sufficient detail to address the fiscal caution issues. The city was given additional time to submit a revised plan. The modified plan below was received by the Auditor of State’s office on January 9, 2012 and is currently under review for sufficiency.
City of Akron Fiscal Caution Recovery Plan (Jan. 10, 2012)