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Village of Melrose Released from Fiscal Emergency
Columbus – Auditor of State Dave Yost today released the Village of Melrose (Paulding County) from fiscal emergency, a status it has held since 2008.
The Village of Melrose was placed in fiscal emergency on December 17, 2008 due to deficit fund balances in two funds and a treasury deficit.
To eliminate its fiscal emergency status, the Village of Melrose enacted a one percent income tax increase in 2010 to increase revenue by $18,000 annually, as well as a $5 permissive license tax to generate an additional $1,000 annually. The village also sold some of its equipment for $8,600. By turning off approximately half of its street lights, the village saves approximately $2,945 each year.
To be released from fiscal emergency, the Village of Melrose met the following criteria:
- Adopted and implemented an effective financial accounting and reporting system;
- Corrected or eliminated all of the fiscal emergency conditions and no new conditions have occurred, and it appears that, based on its five-year forecast, the Village of Melrose 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 5,700 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.