INDIANAPOLIS -- Indianapolis' financially troubled Capital Improvement Board is getting new leadership.

Mayor Greg Ballard announced Tuesday that Ann Lathrop will be the replacement for Bob Grand, an attorney who headed the board for two years, 6News' Norman Cox reported.

Lathrop, a CPA, is currently the CIB's treasurer and was once Indianapolis' city controller.

She was credited with steering the board through harrowing times this year and maneuvering around a potential $47 million deficit.

"Nobody knows the financial picture of the CIB better than Ann," Ballard said. "And she has earned the respect of her fellow board members, councilors, members of the General Assembly and even the media."

But the board faces ongoing challenges, including the Pacers' demand to be relieved of $15 million in annual Conseco Fieldhouse operating costs and the uncertainty of whether it can maintain recent budget cuts indefinitely without damaging its sports and convention facilities.

"I don't think I'd agree to this appointment if I was accepting defeat," Lathrop said. "I guess one of the things I'd like to say is ... we need to grow ourselves out of this recession. Nobody ever cut expenses into prosperity."

Ballard was noncommittal over whether he would push for additional CIB revenue from the legislature or from the donut counties, who already contribute to the building costs of Lucas Oil Stadium and the Indiana Convention Center.

"I don't know yet," Ballard said. "Actually, Ann is gonna work through it. That's why she's in charge of it. I don't anticipate anything at this point."