PORTAGE, OH (Toledo News Now) – Two years ago, the Village of Portage was nearly $200,000 in debt, today that number has dropped to $94,000.
Mayor Mark Wolford says the village has hired a financial manager, cut employee salaries, cut services and began to seek grants to pay for repairs around the village. The village is also working on a plan to annex a portion of land, which would increase income and property tax revenue.
"Keep track of your money and watch it close, don't overspend. Don't buy something unless you've got the money to pay for it," said Wolford. "That's where the village went wrong; we bought things, and repaired things we didn't really have the money for."
Mayor Wolford says the village should be out of financial emergency by 2015.