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Taylor Declares Fiscal Watch Status for Edison Local School District
District forecasts deficit of nearly $2 million for fiscal year 2007
Auditor of State Mary Taylor today declared Edison Local School District (Jefferson County) in fiscal watch. The declaration comes at the request of the Ohio Department of Education following the district’s inability to submit an acceptable financial plan addressing its financial condition.
“Financial stability is crucial for Ohio’s school districts to gain public trust in the communities they serve,” Taylor said. “My office stands ready and willing to provide assistance to the district in addressing this difficult situation.”
Taylor said the Ohio Department of Education placed the district in fiscal caution November 29, 2006 due to forecasted deficits in fiscal years 2007 and 2008. ODE officials asked Taylor to place Edison schools in fiscal watch when the district failed to submit an acceptable financial proposal to address potential deficits.
The district forecasts a deficit of $1,893,236 for fiscal year 2007 and $2,851,392 for fiscal year 2008.
Taylor said Edison school officials now have 60 days to submit an acceptable financial plan to the ODE addressing the district’s deteriorating financial condition. If district officials are unable to produce an acceptable financial plan, the district could be declared in fiscal emergency within 120 days.