Central Falls’ state-appointed receiver has filed a five-year fiscal recovery plan in U.S. Bankruptcy Court.
The plan was filed Monday night by receiver John McJennett III. It balances the budget for this fiscal year and the next five fiscal years but does not factor in the millions the state wants the city to pay for the costs of the receivership.
The plan could position the city to exit bankruptcy by late summer or early fall.
McJennett replaced Robert Flanders Jr. as receiver last week in what the governor’s office called a “new phase” of Central Falls’ recovery.
The state took over the struggling city in 2010. Flanders filed for bankruptcy on the city’s behalf in August 2011.
Judge Frank Bailey will have to sign off on the plan.