By Jordan Cohen

news@vindy.com

NILES

The city’s fiscal emergency status could be nearing its end.

City council approved the third and final reading of its financial recovery plan Wednesday in the hope that this version – the eighth – will be the last one the city needs to get out from under four years of regulatory oversight.

State Auditor Dave Yost declared Niles in fiscal emergency in October 2014. Since that time, the city has been under the supervision of state auditors on a regular basis and its finances reviewed by the Financial Planning and Supervision Commission, which next meets Oct. 31.

Mayor Steven Mientkiewicz hopes the fiscal commission accepts the document so he can then petition the state for release from fiscal emergency.

“The auditors have reviewed our plan,” the mayor said after the council meeting. “We have positive fund balances, cleaned up all audit points and our inventory management is underway.”

The latter was a major sticking point. Niles has never had either a computerized or manual listing of all capital assets making it impossible for state auditors to account for them.

HCA Asset Management, hired by the city at a cost of $61,500, began inventory review work earlier this month with completion expected by Dec. 1.

Many of the items in the 23-point plan, such as inventory management, have been implemented or in the process of completion. They include evaluation of eliminating positions through attrition, increasing employee health care contributions and adjustment of water rates.

Council unanimously approved increasing monthly service-fee rates for sanitary sewers.

“I think we’ve addressed all of the auditors’ concerns,” Mientkiewicz said.