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Little Miami Local Schools Released from Fiscal Emergency
Columbus – Auditor of State Dave Yost today released the Little Miami Local School District (Warren County) from fiscal emergency, a status it has held since 2010.
“This district and its residents made major sacrifices to get to this day,” Auditor Yost said. “Choices like these are never easy, but because of them, Little Miami’s financial future is more secure.”
The Little Miami Local School District was placed in fiscal emergency on July 13, 2010 due to the inability to submit an acceptable financial recovery plan to eliminate its deficits after it was declared in fiscal watch.
To eliminate its deficits, the district passed a 13.95-mill emergency levy in 2011 to generate approximately $10,639,000 annually. The district also cut 7 certified positions in fiscal years 2011 and 2012, as well as 6 classified positions. The staff reductions save the district approximately $534,000 annually.
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.