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Village of McClure Released from Fiscal Emergency
Columbus – Auditor of State Dave Yost today released the Village of McClure (Henry County) from fiscal emergency, a status it has held since 2009.
“The Village of McClure relieved its financial burden without adding one onto taxpayers,” Auditor Yost said. “I am happy to congratulate the village on its road to recovery.”
The Village of McClure was placed in fiscal emergency on September 10, 2009 due to aggregate deficits in five funds and a treasury deficiency.
To eliminate its fiscal emergency status, the village transferred its water and sewer operations to Henry County and entered into an agreement with the Regional Income Tax Agency (RITA) for income tax administration. Additionally, the village eliminated its police department, saving $12,000 annually.
To be released from fiscal emergency, the City of McClure 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 City of Campbell 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.