Bridgeport officials looking to establish plan to get back on financial footing
One day after the village of Bridgeport was declared to be in a state of fiscal emergency, Mayor David Smith issued a release breaking down what factors led to the finding and what will be done going forward.
BELMONT COUNTY, Ohio — One day after the village of Bridgeport was declared to be in a state of fiscal emergency, Mayor David Smith issued a release breaking down what factors led to the finding and what will be done going forward.
Smith listed the six reasons, starting with the 2014-15 state audit of the village and its findings, yet to be released.
Next was the inability to find a regular fiscal officer.
When Smith started his duties as mayor in 2016, former Fiscal Officer Angela Hess submitted her resignation.
He later appointed someone in her place, but it was more than that person could handle.
Smith worked with the state auditor's office, deciding on spending $80,000 on an outside firm to help and correct any deficiencies with the village's financial records.
The village also has eight loans from 2014-present to help replace aging vehicles, and it continues to see a reduction in local government funding from the state.
Meanwhile, the Ohio State Auditor's office says the village of Bridgeport is in a state of fiscal emergency after it defaulted on outstanding debts, failing to make payments totaling more than $90,000 on loans, and in May, deemed the village unauditable.
Smith says the village will be working to make changes and establish a financial plan.
It could take 3-4 years for the village to return to solid financial footing
However, it is staying positive, hoping to come out stronger than ever.