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Auditor Yost Releases Village of Willshire from Fiscal Emergency
Columbus – Auditor of State Dave Yost today released Village of Willshire (Van Wert County) from fiscal emergency, a status it has held since December 2005.
The Village of Willshire was placed in fiscal emergency on December 29, 2005 due to substantial deficit fund balances in the general fund and water operating fund, as well as a treasury deficiency. The total deficit balances as of December 31, 2004 and November 30, 2005 were $42,354 and $61,796, respectively. The treasury balances as of December 31, 2004 and November 30, 2005 exceeded one-sixth of the treasury receipts for the year by $17,654 and $40,357, respectively.
To boost revenues, the village:
- Implemented a one percent income tax, which generates approximately $48,000-$56,000 annually;
- Passed a three mill property tax levy for fire department operations, which generates approximately $10,000 annually;
- Increased water rates, which generated $84,000 in additional revenue;
- Increases sewer rates, which generated $61,400 in additional revenue;
- Entered into an agreement with the Regional Income Tax Agency for income tax administration, which improved collections
To be released from fiscal emergency, the Village of Willshire met the following criteria:
- Adopted and implemented an effective financial accounting and reporting system;
- Corrected or eliminated all of the fiscal emergency conditions; no new conditions have occurred, and it appears that, based on the five-year forecast, the Village of Willshire will remain out of fiscal emergency during the forecast period,
- Met the major objectives of the Financial Recovery Plan; and
- Prepared a five-year forecast in accordance with standards issued by the Auditor of State, and the opinion expressed by the Auditor of State is “nonadverse”.
A full copy of this fiscal emergency termination 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.