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Taylor Releases Shelby City School District from Fiscal Emergency
Richland County -
Auditor of State Mary Taylor today released the Shelby City School District from fiscal emergency. The district was placed in fiscal emergency three years ago based on a forecasted deficit of more than $3 million for fiscal year 2005.
Since the fiscal emergency declaration, members of the Auditor of State’s Local Government Services (LGS) section have served as financial advisors to assist the district with its economic recovery.
“Our LGS section is a valuable resource for public entities in financial distress,” Taylor said. “I am pleased that my office was able to assist the district to help resolve their financial situation and I commend Shelby City School administrators for taking the steps necessary to get to this point today.”
The school district was placed in fiscal emergency April 7, 2005 due to its deteriorating financial condition and a projected deficit of $3,253,000 for fiscal year 2005. A state Financial Planning and Supervision Commission was established to help the district implement a financial recovery plan.
The announcement releasing the Shelby City School District from fiscal emergency effectively dissolves the commission.
The Auditor of State’s Local Government Services section serves as a consulting and fiscal advisory group to all governmental agencies and subdivisions. The section issues publications, accounting manuals and advisory bulletins to assist local governments in performing their duties.
A copy of the complete analysis is available online at www.auditor.state.oh.us.
The Ohio Auditor of State’s office is one of the largest accounting offices in the nation. The office strives to ensure that all public funds are spent legally and appropriately and works aggressively to root out fraud, waste and abuse in public spending. Taylor encourages anyone suspecting fraud or misspending of public dollars to contact her office toll free at 866-FRAUD-OH (866-372-8364). Since taking office, Taylor has identified more than $13 million in public funds that were handled improperly, spent illegally or stolen and must be repaid.