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Fostoria finance committee reviews draft five-year recovery plan, $12.8M in capital needs
Summary
City officials and an Auditor of State liaison reviewed a draft five-year financial recovery plan that includes $12.8 million in capital projects (about $7.0M expected from grants), new grant-funded funds, and a plan to maintain a three-month fund carryover to qualify for fiscal-emergency termination review.
The Fostoria finance committee reviewed the administration’s draft five-year financial recovery plan and a capital-needs list that totals $12,800,000, with slightly more than $7,000,000 expected from grant funding, a liaison from the Auditor of State said.
Cindy McCafferty, liaison for Local Government Services in the Auditor of State’s office, led the presentation and described the assumptions underpinning the 2026 appropriations column and the four-year forecast. Those assumptions include 4.2 inside mills for general operations, 0.3 mills each for police and fire pensions, a 2% projected annual growth in income tax receipts, planned water and sewer rate increases beginning in 2026, and health-care-cost increases projected at 15% in 2026 and 4% annually from 2027 to 2030. McCafferty…
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