Population: 13,441

Map: Google Maps

Date Fiscal Emergency Declared: 05/26/2016

Brief Summary:

The fiscal emergency declaration indicated that as of February 29, 2016, the Auditor of State determined the deficit fund balances of the City of Fostoria to be $505,330. By the end of 2017, the general fund deficit has grown to just under $1 million (14% of revenue).

Action Steps Taken:

• The city rescinded 50% of income tax reciprocity in 2017, and the remaining 50% is eliminated in 2018, which will net the city about $500K additional revenue.
• Voters approved a 6 mill levy that will increase revenues by $850K in 2018.
• They have evaluated outsourcing dispatching and have taken steps to lower the cost of this service.

Outlook:

The City of Fostoria will continue to look for cost cutting measures to assist in eliminating the 2018 starting deficit balance of $967K or 14% of 2017 actual revenue. 2018 will be a significant year in the fiscal recovery of Fostoria, with increased revenue, the City should be able to reduce the deficit by $600K this year and eliminate it in early 2019. However, careful monitoring will be necessary in 2019 to determine if additional action steps need to be added.

Resources:

• View state support for the City of Fostoria:  Ohio's Interactive Budget - City of Fostoria
• Ohio Auditor Links:  City of Fostoria Placed in Fiscal Emergency
• Additional Links:  n/a