The finance director of Newton Falls has unveiled a 220-page Comprehensive Annual Financial Report (CAFR), which she believes is the first of its type for any village or similar sized community in the state. 

"We're one of the first villages in Ohio to accomplish this," Anna Musson told council at its regular meeting Monday evening. "The CAFR contains financial highlights for 2018 (and) ten years of data."

One figure that stands out is $715,000 in outstanding federal loans over several decades made to residents of Newton Falls for housing improvements—loans that have yet to be repaid. 

Musson said, however, the recipients of the loans aren't being delinquent. 

"They don't have to pay it back until (their homes) are sold," Musson said. 

"The money came from the federal government…only for the purpose of home loans," said David Lynch, city manager. When the funds are eventually repaid, he said, they will go into a self-contained revolving fund for similar loans that are separate from local tax dollars. 

"The financial condition of Newton Falls is sound," Lynch said. "The benefit of CAFR is transparency." 

Council also approved a resolution authorizing a housing survey to be conducted by Youngstown State University. Lynch said the survey must be completed before Newton Falls can qualify as a Community Reinvestment Area and offer tax incentives to attract businesses. 

"Eligibility is based on the age of the houses and most homes in Newton Falls are over 30-years-old, so we'll easily qualify," Lynch predicted. 

Earlier the village held a grand opening not for a business, but for its new Code Enforcement and Zoning Office on West Broad Street, the community's main artery. 

The previous location, which Lynch referred to as "the dungeon," was located in the basement of the city's Finance Department on North Center Street.

"Now we'll have a high level of public access and try to change the public's perception of code enforcement," the city manager said. "This will be a clearinghouse to help beautify the city."