Wellsville OKs fiscal recovery plan
WELLSVILLE– The Village Council continues working towards release from fiscal emergency. During a special meeting held Monday afternoon, council passed a resolution approving the mayor’s fiscal recovery plan.
The resolution is an emergency measure that sets up a plan for restoring the fiscal integrity of Wellsville. It also serves as a master plan which all future appropriations must comply and directs the correction of issues essential to financial recovery. The plan sets up revenue generating and expenditure reduction actions and provides a five year forecast.
As an emergency measure and a needed resolution for the next meeting with the Financial Planning and Supervision Commission, council suspended rules and moved the resolution to third and final reading.
The Financial Planning and Supervision Commission will receive and review copies of the resolution as well as the other fiscal policies the village has passed over the last few months. The commission will then determine if the village is ready to apply for release from fiscal emergency.
Mayor Nancy Murray said they hope to apply for release in December.
The Financial Planning and Supervision Commission meeting is at 9 a.m. on Thursday. During the meeting representatives from the State Auditor’s Office will meet with the fiscal committee to discuss Wellsville’s finances and any additional actions needed before applying for fiscal emergency release.