Fiscal control board (Oversight Board)

A Fiscal Control Board, often referred to as an Oversight Board, is a group established by the government to oversee and manage the financial decisions of a financially troubled entity, such as a city or territory. Its primary purpose is to ensure that the entity follows sound fiscal practices, balances its budget, and fulfills obligations like paying off debts. These boards help restore financial stability and promote accountability, often stepping in when local governments face significant economic challenges and require additional guidance to avoid bankruptcy or financial mismanagement.