James F. Carlin, receiver for the city of Chelsea, Mass., has announced he will resign Aug. 1.
Mr. Carlin, who was appointed by Gov. William Weld, has held the position since last September.
"My job here was strictly a financial mission," Mr. Carlin said. "Right now, there is a long-term capital improvement program in place, a balanced budget proposed for fiscal year 1993 and targets for 1994, and two projects on the table that will generate an additional $1 million-per-year revenue for the city."
Mr. Carlin said the state will appoint a new receiver, but said he was not sure who it would be. He added that he would highly recommend Harry Spence, his assistant for the past 10 months.
He also said that Standard & Poor's Corp. analysts are scheduled to visit Chelsea within the next week to assess the town's progress since he became receiver.
Mr. Carlin said he is leaving because he has helped the city complete the first phase of its economic recovery.
"When I agreed to Gov. Weld's offer to become receiver, I told him that my tenure in Chelsea would be measured in months and not years," he said. "Chelsea is now on more solid ground, and we're paying our bills within 30 days."
He said the first of three phases of the recovery plan was clearly over when the city appeared able to handle its finances in a responsible manner without him. "It's hard to say whether I have enjoyed this job or not," Mr. Carlin noted. "There hasn't been any pleasure in laying people off, but unfortunately it was part of the job."
Phase two of the recovery program will include a study in restructuring the city government under a different receiver, he added. And phase three will allow the receiver to be more hands-off, he said, explaining that the receiver will act as an overseer for the new government.
Mr. Carlin said the remaining phases will begin and end at the discretion of the receiver and the governor's office.