One of the biggest assets is the Akron Fulton Airport, which costs the city about $300,000 a year in subsidies. Task Force Chairman Tim Ochsenhirt says selling the airport would be complicated, so changes in management may be the answer.

“Apparently if you sell it, with the FAA when they put in money, they then have a lien against your airport. So if it’s ever taken out of use, you will owe a certain amount back. It’s been suggested that that might be $20 million that we would owe back, which would be the worst of all worlds.” 

Conversely, he said, if the FAA approves a new five-year master plan for the airport, it would put up 90 percent of the cost of the improvements. And Ochsenhirt says those improvements – combined with potential changes in management – could make the airport a money maker.  

The task force also warned that a hike in the income tax may be in Akron’s future.

The report warned told Horrigan he may “need to explore increasing the city’s income tax rate.” But it strongly recommended that the city look first at savings and other incremental ways to raise revenue. 

The report noted that Akron – and other cities – have struggled since the state cut the tangible property tax, inheritance tax and local government funds. It also says Akron has high retirement costs and debt.