BRIDGEPORT — The Bridgeport Financial Planning and Supervision Commission approved the updated version of the Financial Recovery Plan that aims to resolve the village’s deficit by the end of next year.

Supervision commission members met Wednesday afternoon via teleconference. Mayor Norma Teasdale opened with highlights of the recovery plan that she had detailed during last week’s Village Council meeting. Council approved the updated plan, which forecasts both the general fund and street fund having a positive fund balance by the end of 2023, during that meeting. Having the commission approve the plan was the next step in finalizing it.

As of the end of 2021, the general fund has a positive balance and is set to remain in the black. The street fund has a deficit of approximately $88,900 but is slated to be solvent by the end of next year.

Steven Peishel, chairman of the commission, said he liked the summary and conclusion of the plan as represented by the mayor. He then invited Financial Supervisor Justin Sloan to speak.

Sloan said the updated version was the village’s “most exciting” plan presented as of yet.

“This is not a plan that’s moving the can five years down the road. The village is projected to meet fiscal solvency at the end of Dec. 21, 2023. So at the end of next year the village is looking to be solvent in all of its funds, which doesn’t necessarily mean that they’re moving out of fiscal emergency next year but it’s definitely moving them into the final chapter of their history,” he said.

The village was declared in a state of fiscal emergency in 2018 by the Ohio Auditor of State’s Office. In the year following, the village approved its initial recovery plan to help eliminate more than $760,000 in debt between the general fund and street fund. Prior to being released from the fiscal emergency status, the village must “clean up its accounting practices” in addition to being solvent, Sloan said.

“But this plan is definitely moving them in that direction,” he said. “Two years from now, every fund being solvent is significantly better than when we’ve had to stretch and claw to get to five years. So I’m really happy that Mayor Teasdale has put in this plan to get the village there.”

Sloan noted the plan is considered “effective and viable.” He then asked if there were any questions, which members declined.

Commission member Dave Zekes made a motion to approve the updated plan, and it was unanimously passed by fellow members.

Teasdale thanked commission members for their time and decision to approve the plan.

Though a date was not set for the commission’s next meeting, Peishel said it would most likely be held in person.