To end the state oversight, the village passed a five-year, one percent municipal income tax to generate $300,000 annually. Voters also increased the village’s police levy from 5.5 mills to 7 mills through a replacement levy, which increased revenue by $100,000 a year.
The village also eliminated a full-time police officer position and uses reserve officers to fill in for full-time officers taking time off, saving approximately $30,000.
The village also adopted and implemented an effective financial accounting and reporting system and corrected or eliminated fiscal emergency conditions. The state also determined that no new fiscal problems exist and the village’s five-year forecast indicates that the village will remain out of fiscal emergency.
The village also met the objectives of a financial recovery plan.
Yost announced the end of the emergency in a press release Tuesday.
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