# Italian local government financial recovery efforts > Live situation record from CLSTR: https://clstr.news/situations/italian-local-government-financial-recovery-efforts > Updated: 2026-08-14T13:07:59.000Z. Sources: 2. Developments: 2. Various Italian local authorities are implementing measures to address budget deficits and stabilize financial management. In Caccamo, the municipality received a favorable opinion from the Commission for the Financial Stability of Local Authorities (Cosfel) for its 2022–2024 balanced budget proposal, a step toward exiting special administration. Similarly, the province of Cosenza approved a multi-year rebalancing plan to manage approximately €3.5 million in off-balance-sheet debts and reduce a deficit from €82 million to €76 million. In Milazzo, authorities approved a 2025 management report and stability measures to address a budget deficit, with financial forecasts for 2026–2028 pending council presentation. In Modica, the municipality appointed an external supervisor for the financial office through late 2026 to correct accounting inconsistencies resulting from a transition between systems. ## Timeline ### 2026-08-14: Italian municipalities Milazzo and Modica address financial management Municipalities in Milazzo and Modica are addressing financial management issues, with Milazzo moving toward budget approval and Modica appointing a supervisor to correct accounting discrepancies. 2 sources. https://clstr.news/cluster/italian-municipalities-milazzo-and-modica-address-financial-management ### 2026-07-24: Cosenza Province and Caccamo Municipality approve financial recovery plans Italy's Caccamo municipality and Cosenza province have both received approval for financial recovery plans, aiming to balance budgets and exit insolvency. 3 sources. https://clstr.news/cluster/cosenza-province-and-caccamo-municipality-approve-financial-recovery-plans --- Cite as: Italian local government financial recovery efforts. CLSTR, https://clstr.news/situations/italian-local-government-financial-recovery-efforts