City of Lorain released from fiscal watch

4:31 PM, Oct 21, 2013   |    comments
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LORAIN - The City of Lorain has been released from fiscal watch.

Auditor of State Dave Yost made the announcement today in a visit to the city. The city has held the fiscal watch status since 2002.

"Today marks the end of a long and hard eleven years for the City of Lorain," Auditor Yost said. "Both citizens and city leaders made tough choices along the way, but the city's financial condition is vastly improved because of them."

The City of Lorain was placed in fiscal watch on October 17, 2002 due to a forecasted deficit in the general fund of $2,400,000 for the year ending December 31, 2002.

To help reduce deficits, the city was forced to lay off seven firefighters and six health department workers. Departments were consolidated and union contracts renegotiated to require workers to contribute toward health care benefits. A voter approved income-tax in November 2012 and the relocation of several corporations and businesses also helped improve the city's finances, according to Yost.

WKYC-TV

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