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Village of Bloomingburg Placed in Fiscal Caution
Columbus – Significant audit citations and deficit balances prompted Auditor of State Dave Yost today to place the Village of Bloomingburg (Fayette County) in a state of fiscal caution.
“This is just a yellow flag of problems on the track,” Auditor Yost said. “This early warning sign gives Bloomingburg a chance to put things right.”
A review of the village’s financial records on November 4, 2013 identified significant deficiencies, material weaknesses and direct and material noncompliance with Ohio law. These included a negative cash fund balance, multiple overpayments to vendors, receipts posted to incorrect receipt codes, disbursements made from incorrect funds and a lack of certified purchases.
As of December 31, 2012 and November 30, 2013, the village reported general fund deficit balances that exceeded two percent of estimated revenues by $26,825 and $23,685, respectively.
The Auditor of State’s guidelines for a declaration of fiscal caution include (1) unauditable financial records; (2) significant deficiencies, material weaknesses, direct and material noncompliance that have a material effect on the financial condition; (3) deficit fund balances; (4) a carryover fund balance of less than one month’s average expenditures for two consecutive years, and (5) a failure to reconcile accounting journals and ledgers with the treasury.
Under the declaration, the township has 60 days to submit to the Auditor of State a plan to correct the conditions that led to the declaration of fiscal caution. The Auditor of State may visit and inspect the entity while under fiscal caution and may provide technical assistance to the entity in implementing proposals to eliminate the conditions that prompted the fiscal caution declaration.
A full copy of this fiscal caution declaration may be accessed online.
The Auditor of State’s office, one of five independently elected statewide offices in Ohio, is responsible for auditing more than 5,800 state and local government agencies. Under the direction of Auditor Dave Yost, the office also provides financial services to local governments, investigates and prevents fraud in public agencies and promotes transparency in government.