Ohio releases Akron from fiscal caution list after city eliminates deficits, fixes accounting

Associated Press

The state auditor has released Akron from Ohio's fiscal caution list after the city fixed accounting and budget practices that led to the designation in 2011.

Auditor Dave Yost's office issued a statement Thursday praising the city, saying actions taken by Akron officials helped avert a potential fiscal crisis.

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Akron was the first city in Ohio to receive a declaration of fiscal caution, which was created under a new state law. An analysis showed deficits of $117 million in 2009 and $88 million in 2010. The city had no deficits at the end of 2014.

The city also was cited for faulty accounting practices. Akron has since reduced the number of accounting funds it uses from more than 740 in 2011 to 101 today.