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Village of Mantua Released from Fiscal Watch
Columbus – Auditor of State Dave Yost today released the Village of Mantua (Portage County) from fiscal watch, a status it’s held since 2008.
“The Village of Mantua dug its way out of financial trouble by making tough choices -- not digging into the pockets of its citizens,” Auditor Yost said. “This is a proud day for the village.”
The Village of Mantua was placed into fiscal watch on August 26, 2008 due to accounts payable exceeding one-twelfth of available revenue and deficit fund balances in five funds.
To eliminate its fiscal watch status, the Village of Mantua took various steps to reduce its total annual expenses by more than $395,000. The majority of the reductions came through approximately $252,000 in cuts to the village’s general fund. The village also made staff reductions for a total of $102,000 in annual savings. The village solicitor’s annual salary was reduced by $14,000.
The village increased its annual revenue $125,000 without increasing taxes. By providing dispatch services for the Village of Hiram and Mantua-Shalersville Fire District, the village receives an additional $85,000 annually. The village now sells bulk water and accepts sewage from various companies for an additional $40,000 annually.
An entity is released from fiscal watch when the Auditor of State determines that the conditions that prompted the declaration are no longer present and will not recur in the entity’s three-year forecast.
The Village of Mantua had total revenues of $719,050 in 2012.
A full copy of this fiscal watch 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 5,600 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.