Monroe was placed in fiscal emergency in August 2004 after the state declared it had deficits totaling nearly $4.7 million, and it was predicted that it would take the city until 2010 to recover. To remove Monroe from fiscal emergency status, the city would have to prepare a financial forecast for a five-year period to show that the conditions that created the emergency had been eliminated and that Monroe could remain fiscally healthy.

In Tuesday night's meeting, Monroe City Council unanimously approved a resolution to accept a five-year financial forecast for the years ending Dec. 31, 2007 through 2011. Monroe is expected to be removed from fiscal emergency status within a week or two.