October 20, 2011

Village No Longer Under a Financial Emergency

State Treasurer Andy Dillon today, announced that the Berrien County Village of Three Oaks is no longer under State Receivership, pursuant to Public Act 4 of 2011, the Local Government and School District Fiscal Accountability Act. Under P.A. 4, “a unit of local government shall be removed from receivership when the financial conditions are corrected in a sustainable fashion as determined by the State Treasurer.”

“Residents of Three Oaks should be very pleased that their elected officials have continued to operate the village prudently and efficiently, following the departure of the Emergency Manager,” said State Treasurer Andy Dillon.

The Department of Treasury conducted a preliminary review of Three Oak’s finances in June of 2008 and the village was placed under the authority of Emergency Manager Pamela Amato in December of that year. Twelve months later, Amato had successfully completed her responsibilities and local control was restored to elected officials. In the twenty-two months since Amato’s departure, the financial condition of the village has continued to improve.

“The Village of Three Oaks is a terrific example of how local officials and stakeholders can work together, first with an Emergency Manager and then on their own, to ensure that a local financial emergency is remedied as quickly and responsibly as possible,” said Treasurer Dillon.